A large part of this money will go to the batteries themselves, with the Japanese company committing another half trillion yen ($ 4.4 billion) to the technology on top of the 1[ads1].5 trillion yen ($ 13.2 billion) that was previously announced.
The car manufacturer currently sells only a few thousand battery-electric vehicles each year. But it now plans to roll out as many as 30 new models by 2030, with the goal of selling 3.5 million such vehicles per year by 2030, Toyota President Akio Toyoda said at a press conference in Tokyo.
The luxury brand Lexus is a big part of the new plan, with Toyota estimating 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.
In the early 2000s, one of Toyota’s most recognizable hybrids, the Prius, was received with the kind of excitement and waiting lists now seen for Tesla models. Other car manufacturers were criticized for not making similar models at the time.
Almost 20 years after the sensation, however, it is Toyota that plays catch-up in all-electric cars and SUVs.
Standing in front of more than a dozen electric vehicles on Tuesday, Toyoda called the new range “the showroom of the future” and said the manufacturer would also try to make its factories carbon neutral by 2035.
“The future we showed you today is by no means far off,” Toyoda told reporters, adding that most of the models shown on Tuesday will be released in the next few years.
EV batteries are also becoming a hot topic among investors elsewhere in Asia.
The market debut, which is expected to take place in January, will be the country’s largest listed exchange, according to Dealogic.
In a statement, LG Energy Solution chief Young Soo Kwon said the company’s listing was about “preventively responding to demand for the lithium-ion battery industry, expected to see rapid growth.”
– Peter Valdes-Dapena contributed to this report.