Toyota Motor Corp.'s incoming president Koji Sato said Monday the company will develop next-generation electric vehicles in 2026.
The new EV will be based on its high-end Lexus brand, Sato said in an online press conference.
Toyota, the developer of the Prius, the world's first mass-produced hybrid passenger vehicle, has long been seen as reluctant to push forward with a shift toward all-electric cars.
The Japanese carmaker announced last month it will promote Sato, head of the auto group's Lexus brand operation, to president effective April 1, replacing current president Akio Toyoda, who will become chairman.
