Toyota Motor said it planned to return to the US electric vehicle (EV) market with the launch of two new battery powered vehicles (BEVs) this year, according to reports in Japan.
The automaker did not disclose which models would be made available but its plans reportedly include two EVs and a plug-in hybrid model to strengthen a line-up that currently includes several petrol-hybrid models which currently account for around 20% of its US sales.
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The move reversed an earlier decision by the company to withdraw from the all-electric segment in the US, when it stopped production of a battery-powered electric version of the RAV4 SUV in 2014.
EVs make up just a small part of the US market, at around 2%, with Tesla the segment leader with some 205,000 sales last year. But overall volume is projected to grow significantly over the next decade as the Biden administration introduces policies designed to speed up the adoption of more environment-friendly vehicles.
US automakers including General Motors and Ford have also announced plans to ramp up EV production over the next 10-15 years.
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By GlobalData
