Toyota will invest more than US$35 billion into battery-powered electric vehicles in an effort compete with other global automakers, according to CNN Business.
The world’s biggest carmaker said the investment would mount a more serious challenge to rival such as Tesla, GM and Volkswagen. A large portion of the money invested would be spent on developing electric vehicle batteries.
While Toyota has been a pioneer in hybrid and hydrogen fuel cell-powered vehicles, it has been much slower than some other major automakers to expand into the fully-electric vehicle market.
Related article: Tritium wins Shell global EV charging tender
Toyota currently sells just a few thousand battery-powered electric vehicles each year but plans to roll out as many as 30 new models by 2030, with the aim of selling 3.5 million such vehicles per year by 2030, company president Akio Toyoda said at a press briefing in Tokyo.
The Lexus luxury brand is a huge part of the new plan, with Toyota projecting 1 million global EV sales by 2030. Toyota wants all Lexus sales in Europe, North America and China to be battery-powered electric vehicles by the end of this decade, and globally by 2035.
But competition in the market is growing, with Volkswagen recently announcing it would raise its budget for electric vehicles to $100 billion. The German carmaker also said it hoped that 25 per cent of its vehicle sales worldwide would be electric by the end of 2026.