Toyota Turns Around EV Strategy Under New CEO

Toyota plans to take on Tesla in the near future.

A new chief executive means a new direction for Toyota  (TM) - Get Free Report -- the U.S. most popular carmaker. 

The company has famously lagged its counterparts in outlining an aggressive move to electric vehicles in the past, but now, new CEO Koji Sato is making his move. 

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The auto company outlined its new strategy in Tokyo on Friday, with the company announcing the launch of 10 new electric vehicles globally by 2026. 

The vehicles will have an annual production rate of 1.5 million in three years. For comparison, Tesla, the industry leader for electric vehicle, 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's current lineup of fully electric models sold fewer than 25,000 units last year, according to Reuters. Hybrids on the other hand were more successful, selling an estimated 2.6 million units. 

Sato said that the company's focus on hybrids would also remain while expanding into EVs. 

The company did not go into details about the vehicles that would be released, Fox Business reported, but did say that there would be a three-row SUV that would begin production in the U.S. in 2025. 

The timing for the move could be strategic also as market leader Tesla  (TSLA) - Get Free Report was forced to cut some prices in the latest quarter to boost sales.  Its much delayed cybertruck is supposed to begin production later this year.