Not Just Hybrids, Toyota Announces Major Investments In Electric Vehicles
Toyota Motor Corp has announced it would invest 4 trillion yen ($35 billion) to build a line-up of 30 battery electric vehicles (BEV) by 2030, part of its plan to build momentum in its push for carbon neutrality.
In November, Toyota had declined to join a pledge signed by six major carmakers, including General Motors, and Ford Motor Co. to phase out fossil fuel cars by 2040. It argued that not all parts of the world would be ready to transition to green cars by then.
Toyota, a leader in hybrid car technology will also increase its investment in battery development to ¥2 trillion ($18 billion) from the ¥1.5 trillion previously announced and launch 30 EV models globally by 2030, President Akio Toyoda said at a press briefing.
That would be part of an overall investment of 8 trillion yen in electrified vehicles, including hybrids and hydrogen vehicles, by the end of the decade, the company said
By 2030, Toyota is aiming for annual sales of 3.5 million BEVs, equivalent to around a third of its current global sales, Toyoda added.
The latest commitment to BEV's goes beyond the 15 models Toyota earlier said it planned to have available by 2025.
EVs still only account for a small portion of car sales, but the market is growing rapidly, with new registrations up 41% in 2020 even as the global car market contracted by a sixth that year.
For its luxury brand Lexus, Toyota aims to have a full lineup of battery electric vehicles in all vehicle segments and BEVs account for 100% of vehicle sales in Europe, North America, and China by 2030 and globally by 2035.
In addition to BEVs, Toyota also builds hydrogen fuel cell cars, and is developing internal combustion engines that run on hydrogen fuel, although it has not said when it might commercialise the technology.
