Toyota Reveals Huge Investment in EV Development
Toyota is fully embracing the electric vehicle revolution, announcing at the beginning of December that is to introduce 30 battery-electric vehicles and invest up to $100 billion in carbon-reducing and carbon-neutral vehicles and technologies between now and 2030.
16 of the new battery-electric vehicles (BEVs) were unveiled by the company’s President Akio Toyoda in the announcement made in Tokyo, and they included five Toyota ‘bZ’ (beyond Zero) vehicles, seven ‘lifestyle’ models including commercial vehicles, and four Lexus models. Like other luxury vehicle manufacturers, Lexus will also focus on electric vehicles by 2035.
The company also announced a new BEV sales target of 3.5 million a year by 2030 – an increase of 75 per cent on the previous annual sales projection of 2 million, made earlier this year.
The company said that half of the investment funds will be devoted to research and development and capital expenditure for BEVs, while the other half will be dedicated to hybrid-electric (HEV), plug-in hybrid-electric (PHEV) and fuel-cell electric vehicles (FCEV). The total includes almost $25 billion to accelerate the development of more-advanced, high-quality, and affordable batteries.
“We will not only add battery EV options to existing vehicle models but will also offer a full line-up of reasonably priced mass-production models, such as the bZ series, to meet the needs of all kinds of customers,” said Mr Toyoda.
“We can position batteries and electric motors to bring more freedom to battery EVs. This freedom will allow us to be more attuned to our customers, such as by meeting the various needs of different regions, the various lifestyles of our customers, and, when it comes to commercial vehicles, everything from long-distance transport to last-mile delivery.”
Toyota unveiled details of the bZ4X SUV, the first vehicle of its bZ electric vehicle brand, a couple of months ago. Its foundation is the new e-TNGA EV platform – developed with Subaru.
23 December 2021