Tesla Rival Toyota Has Huge News About New Electric Vehicles

Toyota Motor Corp. in April made a commitment to finally jump into the all-electric vehicle market by launching 10 new EV models by 2026. It said it would have an annual production rate of 1.5 million electric vehicles in three years.

Company President Koji  Sato reinforced the company's EV goals in his May 10 statement regarding Toyota's fiscal year ending March 30.

Forget Tesla -- We’re all in on this EV stock

"We will accelerate our efforts under the new dedicated organization "BEV Factory" and would like to present concept vehicles of such at the Japan Mobility Show this autumn," Sato said.

Tesla, the industry leader for EVs, however is expected to produce about 1.8 million vehicles this year. CEO Elon Musk has said the company's long-term goal is to sell 20 million EVs a year by 2030. Toyota has a high mountain to climb to reach Tesla's volume of production.

Toyota Challenging Model X

Toyota  (TM) - Get Free Report made a significant challenge to Tesla in the SUV and crossover market as it on April 18 unveiled two battery electric vehicle concept models at the Auto Shanghai show that will compete with the leading EV producer's Model X SUV. The concept models are part of Toyota's bZ series dedicated to BEVs.

A joint venture of Toyota and Shenzen, China-based BYD  (BYDDY)   rolled out the bZ Sport Crossover Concept, in partnership with FAW Toyota Motor Co. and Toyota Motor Engineering & Manufacturing China, to target younger, Gen Z consumers. The bZ Sport Crossover is being developed with intelligent features, such as driver assistance and automatic parking. The vehicle will be produced and sold by FAW Toyota in China.

Toyota has also teamed with Guangzhou, China-based Guangzhou Automobile Group, GAC Toyota Motor Co., Ltd., and TMEC, to produce the bZ FlexSpace Concept, family-oriented SUV-type BEV, focusing on utility. The concept model creates a space that families can use safely, comfortably, and freely with peace of mind. It offers a large cabin space, ease of use, advanced safety, a reliable cruising range, as well as various intelligent functions, the statement said. GAC Toyota Motor will produce and sell the vehicle in China.

Toyota said the two new models will be launched in the China market in 2024, but did not indicate when the vehicles might make their way across the Pacific to the US. No suggested manufacturer's retail price was listed either.

Tesla is not only the leading electric vehicle manufacturer in the world, it also claimed the title of having the "quickest car in the world," with its second generation Roadster sportscar that has yet to go into production.

The 2024 Tesla Roadster has good credentials to claim to be the quickest electric vehicle as its specs say it will accelerate from 0 to 60 miles per hour in 1.9 seconds, can reach speeds of about 250 miles per hour with 800 to 1,000 horsepower. It also has a range of about 620 miles. It will cost an estimated $200,000 to $250,000 to purchase one of these vehicles.

Toyota Racing Toward Tesla

The limited edition, Roadster Founders Series, is sold out. Tesla stopped taking reservations in December after collecting the full $250,000 price on 1,000 units. Tesla fans can still place orders for the standard Roadster with a $50,000 payment for the $200,000 vehicle.

Toyota revealed during its annual report presentation that by 2026 it would produce two luxury sedans, two three-row SUVs, a multi-purpose pickup truck IMV BEV and a sportscar in either the Toyota or Lexus platform that would compete with Tesla. The company was unclear on whether its new sportscar would fall under Toyota's Sports EV or Lexus Electrified Sport concept, Motor1.com said.