Motor Corp. Chief Executive Akio Toyoda has said that he would hand the keys to a younger executive who he believes might have new ideas about the future of electric vehicles.

Shares in the Asia-Pacific region were mostly higher on Thursday as investors digested a range of economic data.

Motor Corp. announced Thursday that Akio Toyoda, who has been CEO since 2009, will step down from his current roles and become chairman in April. Toyoda is a member of the founding family of the company.

Toyota Motor Corp. is forecasting that its vehicle production will exceed pre-pandemic levels, with output of as many as 10.6 million vehicles during 2023.

Lowering the cost of certain models will make it possible for more customers to receive the $7,500 federal electric-vehicle tax credit, however, there is a caveat: new income limits that took effect on January 1st.