Toyota signals deepening EV comitment

|About: Toyota Motor Corporation (TM)|By:, SA News Editor

There's another huge signal out of Toyota (TM +0.3%) that the automaker plans to make a serious commitment to electric vehicle development.

President Akio Toyoda was appointed to lead the new EV division at the company. Toyoda is the grandson of Toyota' founder. The chief engineer of the Prius business is also moving over to the EV team.

"By putting the president and vice presidents in charge of the department, we plan to speed up development of electric cars," said Toyota spokeswoman Kayo Doi.

Previously: Toyota sets up EV unit (Nov. 17)