Business & Finance / 16 December 2021
Toyota drives towards EV investment
As it battles a double whammy of pandemic-related car production delays and a global computer chip shortage, Japanese carmaker Toyota announced it is revving up its electric vehicle (EV) offering. The company’s president Akio Toyoda said it will be doubling the number of new EV models from 15 to 30 by 2030, including SUVs and utes. And its Lexus luxury brand is set to become completely electric by 2035, Toyoda said. The auto giant currently sells about 10 million vehicles a year, and it’s now aiming to sell 3.5 million EVs a year by 2030. To do that, Toyota is investing almost US$100 billion in battery research and development, as well as doing more with hybrid vehicle models. “We can leave a beautiful planet and bring about many smiles for the future generation,” Toyoda said.
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