, sending the company's stock higher in overseas trading. The Japanese auto giant had been more cautious than some of its competitors in joining the EV fray, focusing on hybrids while also focusing on specific markets' demands. On Tuesday, however, Toyota announced a new unit, called BEV Factory, that aims to produce a full lineup of EVs sporting extended battery range starting in 2026. Toyota aims to achieve sales of 3.5 million all-electric vehicles annually by 2030.
– CNBC's Samantha Subin, Jeff Cox, Lauren Feiner, Jordan Novet, Lim Hui Jie and Christina Wilkie contributed to this report.
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