One of Toyota’s most prominent suppliers and Japan’s leading auto parts manufacturer, Denso, appointed a new CEO Monday as the industry’s shift to EVs heats up globally.
Toyota, Japan lag behind the EV market
Toyota is in the midst of an identity crisis. The world’s largest automaker has stood by as the industry transformed beneath it.
Electric vehicle sales rose 60% in 2022, despite supply chain hurdles, surpassing 10 million for the first time, according to information by the IEA. Major car markets are leading the way, with over one in four cars sold in China, over one in five in the EU, and almost one in every ten vehicles sold in the US being electric.
However, one primary car market, in particular, has severely lagged behind the overall market. Fully electric vehicles accounted for just 2.1% of new passenger car sales in Japan in 2022, compared to almost 20% in Europe and China.
Toyota has played a commanding role in the nation’s reluctant approach to going all in on fully electric, zero-emission EVs.
The automaker has actively challenged the industry’s shift to electric vehicles over the past decade, working to spread misinformation and lobbying against rules that promote EV adoption.
Toyota’s first all-electric vehicle, the bZ4X, had a disappointing launch, with a recall derailing the rollout.
As a result, Toyota ranked among the world’s most obstructive companies on climate policy in 2022, with less than 1% of total sales being zero-emission (not hybrid). In addition, Toyota was found to have one of the least developed supply chains for reducing carbon emissions.
The trend may soon change with Japan’s leading auto supplier and critical Toyota vendor, Denso, appointing a new CEO.
Toyota bZ4X (Source: Toyota)
Toyota’s auto supplier appoints new CEO amid EV shift
Denso was initially formed as a Toyota spin-off, becoming a powerhouse in the global auto parts industry and expanding to supply many automakers.
The supplier revealed on Monday it had chosen senior executive and chief software officer Shinnosuke Hayashi to take over the reins as president and CEO. The move comes shortly after Toyota also appointed a new leader.
Incumbent president, Koji Arima, told reporters at a news conference:
The foundation for management is now in place, and for Denso to take a bigger leap forward, it is necessary to have someone with different knowledge from myself, who has leadership, can create new value, and inject new wind [into the company].
When asked about what challenges he will address first, Hayashi mentioned the auto industry’s trend toward fully electric, software-defined vehicles, claiming:
We will respond by transforming our portfolio, which includes production and supply structure as well as engineers’ skills.
Toyota’s newly elected leader Koji Sato, who took over this month for 66-year-old grandson to the company’s founder Akio Toyoda, revealed plans to “accelerate” the company’s transition to EVs with ten new models and 1.5 million in sales by 2026.
Electrek’s Take
Over the past few weeks, or months, Japanese companies have one by one announced plans to boost EV development efforts.
For example, Honda announced it’s overhauling its business strategy to focus on electric vehicles earlier this year. At the same time, Mitsubishi declared it would become a “mainly BEV” brand by the end of the decade.
Despite the recent claims, Toyota is still sticking to a nontraditional approach with plans to include hybrids and fuel cell vehicles in its lineup.
While many automakers are already achieving double-digit or 100% EV sales, Toyota is still aiming for less than 15% of its total to be electric by 2026. Perhaps with its leading supplier also changing leadership, the automaker and nation can get on board with the zero-emission EV movement.
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Ford is cutting prices on the electric pickup by up to $4,000 to offset the loss of the federal EV tax credit. The 2026 Ford F-150 Lightning now offers more driving range at a lower price.
2026 Ford F-150 Lightning prices and range by trim
After the Tesla Cybertruck took the title as America’s best-selling electric pickup last year, the Ford F-150 Lightning is back on top in 2025.
Ford sold over 10,000 Lightnings in the third quarter, nearly double the roughly 5,400 Tesla Cybertrucks sold. Through September, Ford has sold over 23,000 electric pickups. According to Cox Automotive, Tesla has only sold 16,097 Cybertrucks this year, 38% fewer than it did during the same period in 2024.
After the $7,500 federal EV tax credit expired at the end of September, many automakers, including Ford, are bracing for less demand.
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To keep the momentum going, Ford is reducing prices for the 2026 F-150 Lightning by up to $4,000. Company spokesperson Martin Günsberg confirmed with Electrek that Ford is cutting prices on the flash trim by $4,000 and the Lariat by $2,000.
The 2026 Ford F-150 Lightning STX (Source: Ford)
Ford introduced a new base STX model that replaces the XLT for 2026. The 2026 Ford F-150 Lightning STX starts at $63,345, the same as the 2025 STX, but it delivers an extra 50 miles of driving range.
A 123 kW extended range battery powers the STX, providing an EPA estimated 290 miles of range. In comparison, the XLT delivered 240 miles of range from a 98 kWh battery.
The interior of the 2026 Ford F-150 Lightning STX (Source: Ford)
Ford also raided the F-150 parts bin to add a few off-road goodies like running boards from the Tremor, new wheels, and more.
The 2026 F-150 Lightning Flash will start at $65,995, down from $69,995. Meanwhile, the 2026 Lariat and Platinum trims will be priced from $74,995 and $84,995.
Ford F-150 Lightning trim
2025 Starting Price
2026 Starting Price
Range (EPA-est miles)
XLT
$63,345
N/A
240
STX
N/A
$63,345
290
Flash
$69,995
$65,995
320
Lariat
$76,995
$74,995
320
Platinum
$84,995
$84,995
300
2025 and 2026 Ford F-150 Lightning prices and range by trim (excluding destination fee)
Although Ford decided not to move forward with plans for a program to extend the $7,500 EV tax credit, the company is still offering significant incentives to compensate for the loss of it.
The 2025 Ford F-150 Lighting STX is eligible for up to $11,500 in savings in California and other ZEV states. Ford is offering a $9,000 lease cash bonus and an additional $2,000 Ford Power Promise cash bonus. Alternatively, Ford is offering 0% APR financing for 72 months plus an extra $2,000 Power Promise bonus nationwide.
With the 2026 Lightning arriving, Ford is offering big savings on 2025 models. The 2025 F-150 Lightning XLT is currently listed for lease as low as $279 per month in California. You can use our link to find offers on the Ford F-150 Lightning near you (trusted affiliate link).
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Global EV sales passed the 2 million mark for the first time in September 2025, according to new data from EV research house Rho Motion – here’s how it breaks down.
A record-breaking September
Rho Motion’s data shows that 2.1 million EVs were sold worldwide in September, the highest monthly total ever recorded. The US, UK, South Korea, and China all hit major milestones, with tax credit deadlines, new registration cycles, and local incentives fueling the global boom.
“Global EV sales topped 2 million units in a single month for the first time, driven by record-breaking demand across major markets,” said Rho Motion’s data manager Charles Lester. “The US surged ahead as buyers raced to claim expiring tax credits, the UK hit new highs on the back of fresh registration plates and the Electric Car Grant, and South Korea set records thanks to Tesla, Hyundai, Kia, and rising BYD imports. Year to date, EV sales have reached 14.7 million – up 26%.”
EV sales by the numbers YTD (Jan–Sept 2025)
Global: 14.7 million (+26%)
China: 9.0 million (+24%)
Europe: 3.0 million (+32%)
North America: 1.5 million (+11%)
Rest of World: 1.2 million (+48%)
Europe surges on incentives
Europe had a record-breaking month with 427,000 EVs sold, up 36% year-over-year and 55% from August. The UK led the charge with record demand tied to the launch of new license plates and the government’s Electric Car Grant, introduced in July. BEV sales rose 30% year-over-year, while PHEVs jumped nearly 60%.
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Germany’s EV market is expected to get another boost in 2026 after the government approved a new €3 billion ($3.5 billion) incentive package targeting low- and middle-income households. It replaces the subsidy scheme that expired in December 2023. Italy and Spain also continue to see strong growth, with sales up two-thirds and more than double, respectively, compared to 2024.
US buyers rushed to beat tax credit deadlines
In North America, EV sales soared 66% year-over-year in September as US consumers scrambled to take advantage of federal incentives before they expired on September 30. The tax credits supported both purchases and leases.
But Rho Motion expects Q4 2025 demand to dip sharply as those credits disappear. Some automakers are already taking defensive steps: Hyundai has cut prices, while Mercedes-Benz has paused production of four EV models. GM has suspended a production shift at its Spring Hill, Tennessee, plant, and Volkswagen is stopping ID.4 production in Tennessee in October. Nissan has gone further, scrapping its plans to manufacture EVs in the US altogether.
China is the world’s EV powerhouse
China still dominates the global EV market, selling 1.3 million EVs in September, a record-breaking month powered by strong BEV demand. Pure-electric sales rose 28% year-over-year to 800,000 units, while PHEVs and range-extended EVs dipped by 2% to 470,000.
China has sold nearly 9 million EVs YTD, up 24% from 2024, cementing its position as the world’s largest and most mature EV market.
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On today’s hyped up hybrid episode of Quick Charge, we’ve got the first extended range electric Jeep in North America – the 500-mile new Grand Wagoneer PLUS news that Mazda is getting into the plug-in price war, and a whole lot more.
Today’s episode is brought to you by Climate XChange, a nonpartisan nonprofit working to help states pass effective, equitable climate policies. The nonprofit just kicked off its 10th annual EV raffle, where participants have multiple opportunities to win their dream model. Visit CarbonRaffle.org/Electrek to learn more.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
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