Toyota is set to overhaul its strategy to better navigate the increasing competition in the electric vehicle market as Koji Sato assumed his new role as the carmaker’s CEO.
The 53-year-old took over the post from Akio Toyoda, who had been with the company for over 40 years and served as CEO from 2009 to 2022. He is the grandson of the company’s founder, Kiichiro Toyoda.
With Sato taking over Toyota’s reins, one of the key areas where the company is looking to make changes is its battery technology. It has recently focused on developing a solid-state battery technology it believes has the potential to be safer, more efficient and more durable than lithium-ion batteries, which is currently the industry standard for EVs.
Another area where Toyota is looking to make changes is in its EV lineup. Currently, the company has only a few EV models available. To address this, the Japanese carmaker plans to introduce more models in the coming years and have EVs make up 50 percent of its global sales by 2030.
Toyota is also looking to expand its focus beyond just EVs to include other sustainable transportation solutions, such as hydrogen fuel cell vehicles and autonomous driving technology.
More on Koji Sato
Sato is a long-time executive of Toyota who joined in 1980. He has since held various positions in Toyota’s production, engineering and sales. He was the head of Toyota’s Lexus division in the United States, and before taking over as CEO, he was the Executive Vice President in charge of the company’s North American operations.
As CEO, Sato is expected to continue Toyota’s focus on innovation, particularly in electrification and autonomous driving. He has previously reiterated his commitment to sustainability and plans to make Toyota a leader in transitioning to a low-carbon society.