Toyota to Invest $35 Billion for Electric Vehicle Lineup
Dec 14, 2021 By MarketDepth
Toyota (NYSE: TM) is set to invest USD35 Billion to build an entire lineup of 30 battery-powered electric vehicles by 2030. The company is steering towards electric vehicles as it strives to compete with other automakers worldwide in the race towards greener cars.
Boost Global Sales
According to CEO Akio Toyoda, the automaker hopes to boost global sales of battery electric vehicles to 3.5 million units a year by the end of the decade. Currently, the majority of Toyota’s EV sales are hybrid electric vehicles, which function amid a combination of an internal combustion engine and battery-operated electric motors. Meanwhile fully electric vehicles only amount to a fraction of the company’s present sales.
Furthermore, Toyota plans to invest an additional USD35 Million in a variety of electric vehicles, such as hybrid cars, plug-in hybrids and fuel-cell electric vehicles.
“In this diversified and unchartered era, it is important to flexibly change the types and quantities of products produced, while keeping an eye on the market trends.”CEO of Toyota, Akio Toyoda
“We believe that quickly adapting to changes in the future is more important than trying to predict the future, which is nothing but uncertain. We want to keep options available for our customers until the right path is known,” he added.
Lexus Also Planning EV
Its luxury brand Lexus, is also a major part of its new strategy, as Toyota anticipates 1 million global EV sales by 2030. Toyota plans for all Lexus sales within Europe, North America and China to only be battery-powered EV’s by that time period, and globally by 2035.