ICYMI: Toyota committed $70 billion to electrify its automobiles by 2030, half of it to develop a battery electric vehicle line-up
Speaking at a press conference in Tokyo surrounded by more than a dozen planned BEV models, Toyota CEO Akio Toyoda said his company was still pursuing a multi-pronged, carbon-reduction strategy that also includes hybrid cars and hydrogen-powered vehicles.Toyota Motor Corporation President Akio Toyoda speaks at a briefing on the company's strategies on battery EVs in Tokyo, Japan December 14, 2021.
His company's plan to introduce a full line-up of 30 BEV's by 2030 goes beyond the 15 models Toyota earlier said it would have available by 2025. The Japanese carmaker on Tuesday also said it planned to invest 2 trillion yen in battery production by 2030, up from the 1.5 trillion yen it announced earlier.
That investment includes $1.29 billion for a new battery plant in North Carolina that will begin production in 2025.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 GM and Ford 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 electrified cars, Toyota is also developing internal combustion engines that run on hydrogen fuel. Toyoda said the technology could help to save some of Japan's 5.
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