The daily business briefing: February 13, 2023

Toyota's incoming leader announces EV catchup plan, Super Bowl ads take a feel-good approach in tough times, and more

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1. New Toyota chief announces EV push

Toyota Motor Corp.'s incoming president, Koji Sato, said Monday the Japanese automaker would step up development of all-electric cars, starting with new EVs in its luxury Lexus line by 2026. Sato, who takes over from longtime leader Akio Toyoda in April, appears to be aiming to push Toyota to catch up with overseas rivals, including Tesla, which dominates the EV market. The company, which was considering how to boost its EV business before the management change, plans to invest in EV-optimized parts and new manufacturing methods. "We've seen the kind of EVs we are aiming for," Sato said. "Now that the timing is right, we will accelerate that development with a new approach."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.