Toyota has announced that it will increase its investment in electric vehicles and batteries, as well as its sales target. The Japanese automaker announced on December 14 that it will invest JPY4 trillion (US$3.5 billion) in BEVs and batteries by 2030, as part of an overall investment of JPY8 trillion in R&D and equipment.
The carmaker is increasing its battery investment from JPY1.5 trillion to JPY2 trillion as part of a JPY4 trillion EV-related investment. Toyota claims to have invested nearly JPY1 trillion in battery research and development, as well as advanced batteries and solid-state batteries.
Toyota, including Lexus, plans to roll out 30 battery EVs globally by 2030, up from a previous target of two million units, on top of more than 130 existing models of gas-powered, hybrid, and hydrogen vehicles. Toyota expects EV sales to reach 3.5 million units globally by 2030, up by 75 percent from the previous target of two million units. By 2030, Lexus wants to sell only electric vehicles in Europe, North America, and China, and by 2035, it wants to sell them all over the world.
Japanese automakers are speeding up the introduction of electric vehicles to car owners all around the world. Nissan will also introduce 23 new electric vehicle models by 2030.
Nissan and Toyota will continue to offer hybrid vehicles in their electric vehicle portfolios, while Honda expects to phase out ICE engines by 2040. Hybrid cars are projected to account for a significant portion of sales, as US President Joe Biden did not exempt hybrid EVs from executive orders mandating that half of new vehicles sold in the US be zero-emission by 2030.