Toyota to invest $13.3bn in electrified vehicle batteries by 2030
Toyota Motor announced on Monday that it plans to invest 1.5 trillion yen ($13.3 billion) in the development and production of batteries for electrified vehicles by 2030, as well as phase out models which are only available with internal combustion engines by around 2025.
With China and other major markets pushing for electrification due to environmental concerns, Toyota, one of the top automakers in the world, has often been criticized for not embracing the trend quickly enough.
“We hope to be a market leader in electrified vehicles,” company Vice President Shigeki Terashi stressed at Monday’s news conference.
By 2025, all models sold globally by the automaker will be either electric vehicles, plug-in hybrids, hybrids, or conventional models that will have electrified versions.
The company will start rolling out electric vehicles from 2020, starting in China, before making them available in Japan, India, Europe and the U.S. Toyota also revealed plans to launch over 10 new models globally in the first half of 2020.
The company said it would increase the range of fuel cell vehicle models, an area of focus, on offer by the next decade, and would do the same for hybrid vehicles and plug-in hybrid vehicles.
Last week Toyota revealed it was planning a tie-up with electronics maker Panasonic to set key standards for the batteries used in electric vehicles. Toyota President Akio Toyoda announced plans to nearly quadruple annual sales of electrified vehicles to 5.5 million units, or half its projected global sales total, by 2030.
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