Toyota Motor Corp. of Japan will launch a full portfolio of 30 battery electric vehicles (BEVs) by 2030 and will invest 4 trillion yen (USD 35 billion) to increase battery production, according to CEO Akio Toyoda.
With this fresh pledge, the Japanese automaker will be focusing more on battery technologies with an elevated investment of 500 billion yen that accounts for a total of 2 trillion yen.
It will be a portion of Toyota’s gigantic 4 trillion yen investment in battery EVs electric vehicles, which would comprise both capital outlay and R&D. The goal is of releasing even more advanced, high-quality, and affordable BEVs.
Along with electric vehicles, the company will also be focusing on other technologies like plug-in hybrids, hybrid cars, fuel-cell EVs that uses hydrogen as a power source, with an overall investment of 8 trillion yen.
Toyota intends to address the energy situation, which varies from region to region, and demands of different countries and areas by delivering a variety of carbon-neutral automobile options, Toyoda said.
The firms’ current electric vehicle sales are dominated by hybrid electric vehicles, which are propelled by a mix of an internal combustion engine and battery-powered electric motors. Battery-alone EVs account for only a small portion of the company’s current sales.
By 2030, the manufacturer hopes to sell 3.5 million BEVs per year, which is three times its current global sales. CEO, Akio Toyoda, also plans to make the Lexus brand entirely electric.
Toyoda stated that Lexus will launch a full array of battery EVs in all vehicle segments, which will be accounting for 100% of its sales in North America, China and Europe by 2030, totalling to 1 million units globally.
Enhancing its objective, Lexus, intends for battery EVs to account for 100% of its worldwide car sales by 2035.
Toyota refused to join a pledge inked by six major auto manufacturers, including General Motors and Ford Motor Co., to phase out fossil-fuel vehicles by 2040, in November of this year. It said that not all parts of the world will be ready to convert to green vehicles by then.
Toyota, in addition to BEVs, manufactures hydrogen fuel cell vehicles and is researching internal combustion engines that operate on hydrogen fuel, however it has not stated when the technology would be commercialized.
