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Toyota, one of the world’s largest automakers, has announced its ambitious plans to release 10 new electric vehicle (EV) models by 2026. The Japanese automaker aims to sell 3.5 million units of these EVs by 2030, according to a report.

The move comes as Toyota tries to catch up with its rivals who have been making strides in the EV market. The company has been slow to embrace electrification due to its heavy focus on hybrid technology, which has been the centerpiece of its eco-friendly lineup for over two decades.

According to the report, Toyota plans to introduce a variety of EV models ranging from small cars to SUVs. The automaker is also developing a solid-state battery technology that will allow EVs to travel further on a single charge. Toyota has been working on this technology for over a decade and plans to commercialize it by 2025.

Toyota’s ambitious plans are part of its goal to achieve carbon neutrality by 2050. The company aims to reduce emissions from its vehicles by 90% compared to 2010 levels. However, achieving this goal will not be easy, especially in light of the ongoing semiconductor shortage that has affected the entire auto industry.

Toyota is not alone in its quest to transition to EVs. Other automakers such as General Motors, Volkswagen, and Ford have also set ambitious targets for EV sales. The global EV market is expected to grow rapidly in the coming years, driven by government incentives and regulations aimed at reducing carbon emissions.

Toyota’s move to ramp up its EV production is also a response to China’s new regulations that will require all new vehicles sold in the country to be electric by 2035. China is the world’s largest auto market and a key target for automakers looking to boost their EV sales.

In addition to its EV plans, Toyota is also investing heavily in hydrogen fuel cell technology. Toyota plans to introduce more hydrogen fuel cell vehicles in the coming years and has set a target of selling 30,000 units per year by 2025.

Toyota’s commitment to electrification is a significant shift for the automaker, which has been criticized in the past for its slow response to the EV market. However, the company’s focus on hybrid technology has been successful, with its Prius model becoming one of the most popular eco-friendly cars in the world.

As Toyota enters the EV market in a big way, it will face stiff competition from other automakers who have been developing EVs for years. However, with its reputation for quality and reliability, Toyota could quickly become a major player in the EV market.

In conclusion, Toyota’s announcement of its plans to release 10 new EV models by 2026 and sell 3.5 million units by 2030 is a significant step towards achieving its goal of carbon neutrality by 2050. The move is also a response to the growing demand for EVs and China’s new regulations that require all new vehicles sold in the country to be electric by 2035. With its focus on hybrid technology and hydrogen fuel cells, Toyota is well-positioned to compete in the rapidly growing EV market.