Sato stressed that “electrification” is a key theme for his team and promised to develop a totally new, next-generation electric vehicle by 2026.
Koji Sato, center, Toyota chief branding officer and CEO-designate poses with his management teams, Kazuaki Shingo, left, chief production officer, Yoichi Miyazaki, second left, executive vice president, CFO, Hiroki Nakajima, second right, executive vice president, CTO, Simon Humphries, right, chief branding officer, during a press conference Monday, Feb. 13, 2023, in Tokyo.
In a presentation, Sato listed the various executives, each with different responsibilities, such as carbon neutrality, safety technology, as well as overseeing regions like North America and Asia. Toyota, which makes the Prius hybrid and Camry sedan, has billed the move as an effort to stay abreast of social changes like electrification. At times it has been seen as lagging its rivals in EVs.
Toyota officials have always said they have BEV technology, which stands for “battery electric vehicles,” or pure EVs. But that market has so far been dominated by the likes of Tesla, Japanese rival Nissan and BYD of China. Sato and the other executives said the company's entire production system must be revamped to make quality EVs. Toyota is also grappling with the high cost of the batteries, although lowering costs is not a goal in itself. Toyota prides itself on its “just in time” production system.
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