Toyota President Toyoda to Head EV Division

Toyota Motor Corp. appointed President Akio Toyoda to lead the company's newly-formed electric car division, indicating its commitment to a technology that the automaker has been slow to embrace. Toyoda has been at the helm of the world's largest automaker since 2009. He will head the department along with Executive Vice Presidents Mitsuhisa Kato and Shigeki Terashi.

Toyota's strategy is to develop and market electric cars as part of the company's efforts to keep pace with tightening global emissions regulations.

Toyota is also shifting the chief engineer of its Prius gasoline-hybrid, Koji Toyoshima, to its EV efforts. Toyoshima will join the four-member EV strategy unit, which will include representatives from group suppliers - Denso Corp, Aisin Seiki Co, and Toyota Industries Corp.

The change comes as the U.S., China and European countries encourage automakers to make more all-electric battery cars as they push alternative energy strategies.