Toyota has big plans when it comes to electric vehicles — and investors are underappreciating its potential in the market, according to Goldman Sachs. The Japanese automaker plans to significantly ramp up EV sales , targeting 1.5 million cars by 2026 and 3.5 million by 2030 — a major increase from sales of just over 20,000 units sold in 2022. In comparison, market leader Tesla sold 1.3 million vehicles in the same year. "Toyota aims to sell 1.
Stock price upside While the analysts acknowledged Toyota's long history and success in hybrid vehicles, they added that the carmaker has lagged behind rivals in pure battery EVs. They said strong EV products are "the missing piece" for Toyota, and could be the catalyst for a re-rating of its share price. Goldman Sachs expects shares of Toyota Motor to rise by 15% to 2,800 Yen in the next 12 months.