Toyota Motor Corp announced on Tuesday that it will invest 4 trillion yen ($35 billion) by 2030 to develop a line-up of 30 battery electric vehicles (BEVs), as the world’s largest automaker seeks to access the expanding market for zero-emission vehicles.
The expenditure would be part of an 8 trillion yen investment in electrified cars, including hybrids and hydrogen vehicles, by the end of the decade, according to the business.
Toyota aims to sell 3.5 million BEVs per year by 2030, according to CEO Akio Toyoda, which is about a third of the company’s current global sales.
The increased commitment to BEVs goes beyond the 15 models now on the market. Toyota previously stated that the vehicle would be available by 2025.
The Japanese automaker, which was a pioneer of hybrid electric vehicles but a latecomer to full electric vehicles, also said on Tuesday that it would invest 2 trillion yen in battery manufacture by 2030, up from 1.5 trillion yen previously announced.
EVs currently make up a small percentage of car sales, but the sector is fast expanding, with new registrations up 41% in 2020 despite the global car market contracting by a sixth.
In November, Toyota declined to accept a vow to phase out fossil fuel automobiles by 2040, which was signed by six major automakers, including General Motors and Ford Motor Company. It was stated that by then, not all parts of the world will be ready to switch to green automobiles.
Toyota also manufactures hydrogen fuel cell cars and is researching internal combustion engines that run on hydrogen fuel, though it has not stated when the technology would be commercialized.