Toyota to spend $35 bn on line-up of 30 battery electric vehicles by 2030

Motor Corp said on Tuesday it would invest 4 trillion yen ($35 billion) to build a line-up of 30 battery (BEV) by 2030 as the world’s biggest car maker looks to tap the growing market of zero emission vehicles.

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, is aiming for annual sales of 3.5 million BEVs, CEO Akio Toyoda told a news briefing, equivalent to around a third of its current global sales.

The latest commitment to BEV’s goes beyond the 15 models earlier said it planned to have available by 2025.

The Japanese carmaker, which was a pioneer of hybrid electric cars but a latecomer to full EVs, also said on Tuesday it planned to invest 2 trillion yen in battery production by 2030, up from the 1.5 trillion yen it announced earlier.

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.

In November, Toyota 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.

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.

($1 = 113.6200 yen)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link