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Toyota will increase its electric vehicle production schedule by 30 percent, from 15 to 30 by the year 2030. Lexus will be an EV-only brand by 2035, and 3.5 million battery EV will be sold by 2030.
The company said it would increase its investment in battery vehicle technology to 2 trillion dollars.
Toyota was an early pioneer in the field of electric vehicles and helped pave the way for companies likeTesla and others. The company has fallen behind its competitors.
Toyota was an early pioneer in hybrid tech, but has since fallen behind its competitors.
Nissan, Volkswagen, and other companies have been selling pure battery-electric vehicles for years, while also revealing their plans to phase out gas cars completely. Toyota has yet to release a long-range electric vehicle. The oil and gas industry uses emissions associated with power plants as a talking point, and the company's top executives, including billionaire CEO Akio Toyoda, have been on the record calling the trend toward electric vehicles "overhyped."
In an event Tuesday, Toyoda changed his mind and said that the company needs to release more EVs to reduce tailpipe emissions.
Achieving carbon neutrality means realizing a world in which all people live happily, said Toyoda. We want to help realize that world. This has been Toyota's wish and will continue to be so. We need to reduce CO2 emissions as quickly as possible.
Several dozen concept vehicles were shown by Toyota as part of the announcement. The company didn't release many details about each vehicle but did note that a planned Lexus sports car would have a "cruising range" of 700 km and be able to accelerate from 0 to 60mph in under two seconds. The BZ4X compact SUV is expected to be released in the US in mid-2022.
Some of Toyota's promised $18.6 billion in the US will be spent.
Some of Toyota's promised $18.6 billion in the US will be spent. The company recently announced a $1.29 billion battery factory in North Carolina as part of its plan to invest around $13.6 billion in battery tech over the next decade.
Toyota is spending a lot of money in Washington, DC, to lobby against President Joe Biden's efforts to encourage Americans to buy more EVs.
The proposal to increase the federal EV tax credit from $7,500 to $12,500 for purchases of electric vehicles made in the US by unionized workers triggered a backlash from non-union companies. The ads in the newspaper accused Biden and the Democrats of playing politics with the environment.
