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Toyota (TM) Aims to Expand BEV Line-Up in Europe by 2026
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Toyota Motor Corporation (TM - Free Report) will expand its battery electric vehicle (“BEV”) model range in Europe to 6 by 2026. Per Reuters, the BEV line-up is expected to contribute more than 20% of total sales in Europe by 2026.
The automaker plans to sell more than 250,000 BEVs per year in Europe by 2026 as it aims to regain momentum in the market currently led by its rivals.
Besides the bZ4X, which is currently on sale and the Compact sports utility vehicle (“SUV”) concept displayed last year, Toyota has introduced the Urban SUV Concept and the Sport Crossover Concept that it plans to sell in Europe in the coming years.
The Urban SUV Concept is scheduled to launch next year, whereas the Sport Crossover Concept is likely to launch in 2025.
Toyota’s ratio of electrified vehicles sold to total sales in fiscal 2023 was 29.6%. The company expects the ratio to increase to 37.2% in fiscal 2024. It plans to invest 4 trillion yen ($35 billion) for a line-up of 30 BEVs by 2030 and expand BEVs’ global sales to 3.5 million units a year by 2030.
Toyota is also gearing up to launch a series of new batteries. The first one will be a performance version that will double the driving range and reduce the cost by 20% compared with the bZ4X.
The next one will be a better-quality, low-cost battery with a new shape and a bipolar structure. It will have lithium iron phosphate as its principal material. Compared with the bZ4X, it will have a 20% higher driving range and a 40% lower cost.
The third battery will be high performance and it will use bipolar technologies and a high nickel cathode. It is expected to have a higher driving range and lower cost than its forerunners.
Per Andrea Carlucci, vice president of Product Strategy and Marketing of Toyota Motor Europe, the automaker has made a technological breakthrough in the long-standing durability challenge of solid-state batteries and plans to commercialize it in 2027-2028 with a production capacity of several tens of thousands of vehicles.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings indicates year-over-year growth of 4.2% and 65.6%, respectively. The EPS estimates for 2023 and 2024 have increased by 2 cents each in the past 30 days.
The Zacks Consensus Estimate for RNLSY’s 2023 sales and earnings indicates year-over-year growth of 4.5% and 128.1%, respectively. The EPS estimates for 2023 and 2024 have increased by 15 cents and 2 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BYDDY’s 2023 sales indicates year-over-year growth of 160.2%. The EPS estimates for 2023 and 2024 have increased by 62 cents and 57 cents, respectively, in the past 60 days.
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Toyota (TM) Aims to Expand BEV Line-Up in Europe by 2026
Toyota Motor Corporation (TM - Free Report) will expand its battery electric vehicle (“BEV”) model range in Europe to 6 by 2026. Per Reuters, the BEV line-up is expected to contribute more than 20% of total sales in Europe by 2026.
The automaker plans to sell more than 250,000 BEVs per year in Europe by 2026 as it aims to regain momentum in the market currently led by its rivals.
Besides the bZ4X, which is currently on sale and the Compact sports utility vehicle (“SUV”) concept displayed last year, Toyota has introduced the Urban SUV Concept and the Sport Crossover Concept that it plans to sell in Europe in the coming years.
The Urban SUV Concept is scheduled to launch next year, whereas the Sport Crossover Concept is likely to launch in 2025.
Toyota’s ratio of electrified vehicles sold to total sales in fiscal 2023 was 29.6%. The company expects the ratio to increase to 37.2% in fiscal 2024. It plans to invest 4 trillion yen ($35 billion) for a line-up of 30 BEVs by 2030 and expand BEVs’ global sales to 3.5 million units a year by 2030.
Toyota is also gearing up to launch a series of new batteries. The first one will be a performance version that will double the driving range and reduce the cost by 20% compared with the bZ4X.
The next one will be a better-quality, low-cost battery with a new shape and a bipolar structure. It will have lithium iron phosphate as its principal material. Compared with the bZ4X, it will have a 20% higher driving range and a 40% lower cost.
The third battery will be high performance and it will use bipolar technologies and a high nickel cathode. It is expected to have a higher driving range and lower cost than its forerunners.
Per Andrea Carlucci, vice president of Product Strategy and Marketing of Toyota Motor Europe, the automaker has made a technological breakthrough in the long-standing durability challenge of solid-state batteries and plans to commercialize it in 2027-2028 with a production capacity of several tens of thousands of vehicles.
Zacks Rank & Other Key Picks
TM currently carries Zacks Rank #2 (Buy).
Some other top-ranked players in the auto space are Volvo (VLVLY - Free Report) , Renault SA (RNLSY - Free Report) and BYD Company Limited (BYDDY - Free Report) , each sporting Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings indicates year-over-year growth of 4.2% and 65.6%, respectively. The EPS estimates for 2023 and 2024 have increased by 2 cents each in the past 30 days.
The Zacks Consensus Estimate for RNLSY’s 2023 sales and earnings indicates year-over-year growth of 4.5% and 128.1%, respectively. The EPS estimates for 2023 and 2024 have increased by 15 cents and 2 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BYDDY’s 2023 sales indicates year-over-year growth of 160.2%. The EPS estimates for 2023 and 2024 have increased by 62 cents and 57 cents, respectively, in the past 60 days.