Toyota to develop new Lexus EV for 2026: incoming president

TOKYO -- Japanese automaker Toyota plans to develop a "next-generation" all-electric Lexus model by 2026 to meet rising demand for such luxury cars, according to the company's incoming president.

"We aim to develop a next-generation battery EV in the Lexus brand in which everything from batteries and platforms to the way the car is built will be optimized for BEVs," said Koji Sato. As current chief of the brand, he oversaw the development of the first electric Lexus, the RZ, which is expected to be launched this year.