Toyota's CEO Sato prioritizes EV profitability and localization.

Toyota's new CEO, Koji Sato, has announced a three-part plan to make the company's EV strategy profitable as soon as possible, including an annual production capacity of 1.5 million EVs by 2025 and 3.5 million by 2030. The plan includes introducing the company's first electric offerings in top global markets, implementing changes in upcoming EVs, and introducing a new EV platform by 2026 to double the range of its EVs, increase revenue streams, and halve the cost of EV development. Toyota's focus on profitability is unique for the company, which has traditionally been a leader in profitability, but is under renewed pressure to improve with the advent of Tesla's industry-leading margins.