Toyota Backs Electric Vehicle Endeavors With $35B

Toyota, one of the world’s biggest carmakers, is planning to invest $35 billion to create a full lineup of 30 battery-powered electric vehicles by 2030 and increase global sales by 3.5 million units a year, according to multiple media reports.

Speaking at a news briefing in Tokyo on Tuesday (Dec. 14), Toyota CEO Akio Toyoda said the company was still pursuing a multi-pronged carbon-reduction strategy that also includes hybrids and hydrogen-powered vehicles.

“We want to leave all people with a choice, and rather than where or what we will focus on, we will wait a little longer until we understand where the market is going,” Toyoda said.

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“I wasn’t interested in Toyota’s EVs until now. But now I’m interested in future EVs,” Toyoda added.

Toyota had made a case in the past that the longer-term approach to global warming should be a combination of hybrids, EVs and hydrogen-powered vehicles, rather than a single focus on battery-powered cars.

In a video on the company’s website, Toyoda’s remarks at the media briefing outlined the upcoming rollout of vehicles that align with the goal of reducing CO2 emissions.

“We are living in a diversified world and in an era in which it is hard to predict the future. Therefore, it is difficult to make everyone happy with a one-size-fits-all option. That is why Toyota wants to prepare as many options as possible for our customers around the world,” Toyoda said.

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As far as its luxury brand Lexus, Toyota is looking to have battery electric vehicles account for 100% of its vehicle sales in Europe, North America and China by 2030 and globally by 2035.

“Toyota can’t decide what menu customers will choose, so we want to expand the range of options we have,” said Toyoda. “Leaving options for everyone and following the right solution as soon as we find it out — that is how we can be competitive and survive.”