Japanese carmaker Toyota Motor Corp announced on Friday that it plans to launch ten new battery-electric models by 2026, stepping up its efforts in a market segment where it has been overtaken by other manufacturers, reports Reuters.

Toyota executives also said the Japanese group will set up a new division specializing in next-generation battery electric cars, responding to concerns that Toyota is losing ground in the race to Tesla Inc and other rivals.

Investors have long argued that Toyota has not moved fast enough with the development of battery electric cars, instead preferring hybrid models such as the Prius, according to Agerpres.

New CEO Koji Sato promised on Friday that Toyota will accelerate its activities in the field of battery electric cars, but added that hybrid models will remain an important pillar of the Japanese group’s business. “In the coming years, we will expand our model range in the important category of battery electric vehicles,” said Koji Sato, adding that Toyota will take a “practical approach” to the popularization of electrified cars, which also include hybrid models.

For his part, Chief Technology Officer Hiroki Nakajima revealed that Toyota is aiming for an annual production of 1.5 million battery electric cars in 2026.

According to S&P Global Mobility data, in 2022 Toyota sold 21,650 battery electric cars, controlling just 0.3% of the market, far less than the 1.27 million units sold by leader Tesla or the 810,600 units sold by number world number two, the Chinese manufacturer BYD.

Toyota, the world’s largest carmaker by sales volume, has responded to criticism of its slow adoption of battery electric cars by arguing that a mix of options, including hybrid models, makes more sense. for its global customer base.