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Toyota, in Reversal, Says It Will Shift More Rapidly to EVs
The Japanese car maker plans global sales of 3.5 million electric vehicles by 2030 and intends to make Lexus brand 100% electric
TOKYO— Toyota Motor Corp. , the last voice of caution about electric vehicles among the world’s top auto makers, on Tuesday declared itself a believer and said it would make 3.5 million EVs a year by 2030.
Toyota said it wanted all models in its upscale Lexus brand to be electric by 2030 in the U.S., China and Europe. And it showed off more than a dozen of the 30 EV models it intends to have on sale by that year.
https://www.wsj.com/articles/toyota-in-reversal-says-it-will-shift-more-rapidly-to-evs-11639465002
Toyota to invest $35 billion into battery-powered EVs and roll out 30 models by 2030
KEY POINTS
The Toyota Motor Corp. logo in the Toyota City Showcase exhibit at the company’s Mega Web car theme park in Tokyo, Japan, on Monday, Nov. 1, 2021.
Kiyoshi Ota | Bloomberg | Getty Images
Toyota, one of the world’s largest automakers, is planning to invest 4 trillion yen ($35 billion) to build a full lineup of 30 battery-powered electric vehicles by 2030.
It aims to also increase global sales of battery electric vehicles by 3.5 million units a year by the end of the decade, CEO Akio Toyoda said Tuesday.
Most of Toyota’s current electric vehicle sales are hybrid electric cars that are powered by a combination of an internal combustion engine and battery-operated electric motors. Battery-only EVs make up only a fraction of its current sales.
The Japanese automaker will increase new investments into battery technologies by 500 billion yen ($4.4 billion) to 2 trillion yen, according to Toyoda. It will be part of Toyota’s broader 4 trillion yen investment into battery electric vehicles and would include both capital expenditure as well as research and development.
Toyota also plans to invest another 4 trillion yen in other types of electric vehicles, including hybrid cars, plug-in hybrids and fuel-cell electric vehicles, which use hydrogen as a power source.
“In this diversified and unchartered era, it is important to flexibly change the types and quantities of products produced, while keeping an eye on the market trends,” Toyoda said during a briefing on the carmaker’s battery electric vehicle strategies, according to official translations of his remarks in Japanese.
More here: https://www.cnbc.com/2021/12/14/toyota-ceo-announces-automakers-battery-ev-plans.html
Toyota commits $70 bln to electrification but hesitant about battery-powered future
By Tim Kelly
TOKYO, Dec 14 (Reuters) - Toyota Motor Corp (7203.T) on Tuesday committed 8 trillion yen ($70 billion) to electrify its automobiles by 2030, half of it to develop a battery electric vehicle (BEV) line-up, as it looks to tap a growing market for zero-emission cars.
https://www.reuters.com/business/au...electric-line-up-vehicles-by-2030-2021-12-14/
Toyota to plow $35 billion into accelerating electric car shift
River Davis
Bloomberg
Toyota Motor Corp. wants the world to know it’s serious about competing in the market for battery-based electric vehicles.
The world’s biggest carmaker is planning to invest 4 trillion yen ($35.2 billion) to supercharge its EV push, with a target to sell 3.5 million units annually by the end of the decade, Chief Executive Officer Akio Toyoda said at a briefing Tuesday. Toyota will roll out 30 electric models by 2030, a step up from a prior plan to introduce 15 EVs globally by 2025.
The new targets show Toyota intends to compete seriously with Tesla Inc., Volkswagen AG and other global rivals as the car industry shifts away from combustion engines and into a new era of greener automobiles. The announcement also reflects a more aggressive push into the electric arena by Toyota, which has for years questioned whether the world — outside of parts of the U.S. and Europe — is truly ready for EVs.
Toyota will also pour another 4 trillion yen into hybrid and fuel-cell car investments, bringing the total amount dedicated to electrification efforts to 8 trillion yen. That compares with a recent announcement by Nissan Motor Co. to invest 2 trillion yen in/on developing EVs and a commitment by VW to invest around 52 billion euros ($58.6 billion) in the development and production of new electric vehicles, the industry’s biggest push.
“Instead of predicting the future, we want to be ready for any change,” Toyoda said. “Until the path ahead is clear, we want to provide our customers with a range of options.”
Asked why Toyota decided to upgrade its targets, Toyoda said that new energy policies announced by nations at at the COP26 summit earlier this year prompted the automaker to update its targets. “As policies became clear we thought about our own policies and came up with this new figure,” Toyoda said.
Toyota’s been slower to release mass-market electric cars compared with European peers, choosing to invest in a wide range of emission-reducing vehicles from hybrids to hydrogen-powered cars.
Toyota is betting that EVs are a good fit for countries with high incomes and built-out charging infrastructure as well as the ability to make and charge batteries with electricity derived from renewable sources, Toyota Vice Chairman Shigeru Hayakawa said in an interview last month. For regions that don’t fit those conditions, hybrids will play a crucial role in decarbonizing transportation over the coming decades, he said.
For its Lexus brand of luxury cars, Toyota plans to make the lineup fully electric across the globe by 2035, Toyoda said.
Earlier this year, Toyota said its goal was to sell 8 million electrified vehicles in 2030, including 2 million fuel-cell cars and BEVs, with the rest consisting of hybrid vehicles. That’s out of the roughly 10 million vehicles it currently sells each year.
More recently though, Toyota’s stepped up its EV push. That comes as a number of countries implement stricter emissions regulations and move to allocate more money for EV purchase incentives and charging stations.
Earlier this month, Toyota said it would be ready to sell only zero-emission cars in Europe by 2035 to align itself with the region’s ambitious climate plan. The following week, Toyota said it will invest $1.29 billion in an automotive battery manufacturing facility in North Carolina, part of larger plans to spend 1.5 trillion yen on battery production and research over the next decade.
“Not being 100% EV doesn’t mean we don’t have aspirations,” Toyoda said of the automaker’s decision to offer a wide range of electrified models. “Our actions over the next 5 years will change our future. We are leaving as many options as possible.”
https://www.detroitnews.com/story/b...o-accelerating-electric-car-shift/6507212001/
The Japanese car maker plans global sales of 3.5 million electric vehicles by 2030 and intends to make Lexus brand 100% electric
TOKYO— Toyota Motor Corp. , the last voice of caution about electric vehicles among the world’s top auto makers, on Tuesday declared itself a believer and said it would make 3.5 million EVs a year by 2030.
Toyota said it wanted all models in its upscale Lexus brand to be electric by 2030 in the U.S., China and Europe. And it showed off more than a dozen of the 30 EV models it intends to have on sale by that year.
https://www.wsj.com/articles/toyota-in-reversal-says-it-will-shift-more-rapidly-to-evs-11639465002
Toyota to invest $35 billion into battery-powered EVs and roll out 30 models by 2030
KEY POINTS
- Toyota, one of the world’s largest automakers, is planning to invest 4 trillion yen ($35 billion) to build a full lineup of 30 battery-powered electric vehicles by 2030.
- It aims to increase global sales of battery electric vehicles by 3.5 million units a year by 2030.
- Most of Toyota’s current electric vehicle sales are hybrid EVs that are powered by a combination of an internal combustion engine and battery-operated electric motors.
- Battery-only electric vehicles make up a fraction of current sales.
The Toyota Motor Corp. logo in the Toyota City Showcase exhibit at the company’s Mega Web car theme park in Tokyo, Japan, on Monday, Nov. 1, 2021.
Kiyoshi Ota | Bloomberg | Getty Images
Toyota, one of the world’s largest automakers, is planning to invest 4 trillion yen ($35 billion) to build a full lineup of 30 battery-powered electric vehicles by 2030.
It aims to also increase global sales of battery electric vehicles by 3.5 million units a year by the end of the decade, CEO Akio Toyoda said Tuesday.
Most of Toyota’s current electric vehicle sales are hybrid electric cars that are powered by a combination of an internal combustion engine and battery-operated electric motors. Battery-only EVs make up only a fraction of its current sales.
The Japanese automaker will increase new investments into battery technologies by 500 billion yen ($4.4 billion) to 2 trillion yen, according to Toyoda. It will be part of Toyota’s broader 4 trillion yen investment into battery electric vehicles and would include both capital expenditure as well as research and development.
Toyota also plans to invest another 4 trillion yen in other types of electric vehicles, including hybrid cars, plug-in hybrids and fuel-cell electric vehicles, which use hydrogen as a power source.
“In this diversified and unchartered era, it is important to flexibly change the types and quantities of products produced, while keeping an eye on the market trends,” Toyoda said during a briefing on the carmaker’s battery electric vehicle strategies, according to official translations of his remarks in Japanese.
More here: https://www.cnbc.com/2021/12/14/toyota-ceo-announces-automakers-battery-ev-plans.html
Toyota commits $70 bln to electrification but hesitant about battery-powered future
By Tim Kelly
TOKYO, Dec 14 (Reuters) - Toyota Motor Corp (7203.T) on Tuesday committed 8 trillion yen ($70 billion) to electrify its automobiles by 2030, half of it to develop a battery electric vehicle (BEV) line-up, as it looks to tap a growing market for zero-emission cars.
https://www.reuters.com/business/au...electric-line-up-vehicles-by-2030-2021-12-14/
Toyota to plow $35 billion into accelerating electric car shift
River Davis
Bloomberg
Toyota Motor Corp. wants the world to know it’s serious about competing in the market for battery-based electric vehicles.
The world’s biggest carmaker is planning to invest 4 trillion yen ($35.2 billion) to supercharge its EV push, with a target to sell 3.5 million units annually by the end of the decade, Chief Executive Officer Akio Toyoda said at a briefing Tuesday. Toyota will roll out 30 electric models by 2030, a step up from a prior plan to introduce 15 EVs globally by 2025.
The new targets show Toyota intends to compete seriously with Tesla Inc., Volkswagen AG and other global rivals as the car industry shifts away from combustion engines and into a new era of greener automobiles. The announcement also reflects a more aggressive push into the electric arena by Toyota, which has for years questioned whether the world — outside of parts of the U.S. and Europe — is truly ready for EVs.
Toyota will also pour another 4 trillion yen into hybrid and fuel-cell car investments, bringing the total amount dedicated to electrification efforts to 8 trillion yen. That compares with a recent announcement by Nissan Motor Co. to invest 2 trillion yen in/on developing EVs and a commitment by VW to invest around 52 billion euros ($58.6 billion) in the development and production of new electric vehicles, the industry’s biggest push.
“Instead of predicting the future, we want to be ready for any change,” Toyoda said. “Until the path ahead is clear, we want to provide our customers with a range of options.”
Asked why Toyota decided to upgrade its targets, Toyoda said that new energy policies announced by nations at at the COP26 summit earlier this year prompted the automaker to update its targets. “As policies became clear we thought about our own policies and came up with this new figure,” Toyoda said.
Toyota’s been slower to release mass-market electric cars compared with European peers, choosing to invest in a wide range of emission-reducing vehicles from hybrids to hydrogen-powered cars.
Toyota is betting that EVs are a good fit for countries with high incomes and built-out charging infrastructure as well as the ability to make and charge batteries with electricity derived from renewable sources, Toyota Vice Chairman Shigeru Hayakawa said in an interview last month. For regions that don’t fit those conditions, hybrids will play a crucial role in decarbonizing transportation over the coming decades, he said.
For its Lexus brand of luxury cars, Toyota plans to make the lineup fully electric across the globe by 2035, Toyoda said.
Earlier this year, Toyota said its goal was to sell 8 million electrified vehicles in 2030, including 2 million fuel-cell cars and BEVs, with the rest consisting of hybrid vehicles. That’s out of the roughly 10 million vehicles it currently sells each year.
More recently though, Toyota’s stepped up its EV push. That comes as a number of countries implement stricter emissions regulations and move to allocate more money for EV purchase incentives and charging stations.
Earlier this month, Toyota said it would be ready to sell only zero-emission cars in Europe by 2035 to align itself with the region’s ambitious climate plan. The following week, Toyota said it will invest $1.29 billion in an automotive battery manufacturing facility in North Carolina, part of larger plans to spend 1.5 trillion yen on battery production and research over the next decade.
“Not being 100% EV doesn’t mean we don’t have aspirations,” Toyoda said of the automaker’s decision to offer a wide range of electrified models. “Our actions over the next 5 years will change our future. We are leaving as many options as possible.”
https://www.detroitnews.com/story/b...o-accelerating-electric-car-shift/6507212001/
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