Japanese car maker Toyota Motor Corporation (NYSE:TM) plans to increase its European electric vehicle sales. Indeed, company officials disclosed plans to capture 20% of Europe’s new electric car sales by 2026. This would equate to more than 250,000 electric vehicles annually in the region.
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Furthermore, the Japanese automaker intends to have six new EV models in Europe over the next two to three years. Yoshihiro Nakata, president and chief executive of Toyota Motor Europe, remarked, “Compared to other regions, carbon neutrality (in Europe) awareness is high, and actual demand for zero-emission vehicles is high.”
Meanwhile, the world’s largest carmaker is also considering localized production of the vehicles within the region. However, company officials said that this will depend on whether a certain amount of sales volumes can be sustained.
Presently, the EV market in Europe is dominated by rival car makers, with Toyota’s share pegged at around 1%. Toyota shares fell in Monday’s trading session.
Is TM a Good Buy?
A look at the past five trading days for TM stock highlights that today’s news had little impact on investors. Indeed, shares fell over 2% at the time of writing. As a result, investors are now down 1.6% during this timeframe.
