Japanese automaker Toyota Motor Corp. will develop a new generation of electric cars by 2026, according to a press release from the group.

The automaker adds that the components of the cars will be suitable for the formation of the Lexus lineup as well as for the lineup of Toyota brand cars.

Toyota Motor Corporation is the largest unit of Toyota Group and a leader in the Japanese automobile industry. The company was founded in 1937, its headquarters is located in the city of Toyota, Aichi Prefecture.