Toyota has a $35 billion electric vehicle target.

Toyota has a $35 billion electric vehicle target.
  • The Japanese automaker is targeting sales of 3.5 million electric and fuel cell vehicles globally by the end of this decade.
  • A separate $70.4 billion will be allocated by 2030 to research and development as well as capital investment in electric, hybrid and fuel cell vehicles.
  • Toyota will also invest about 2 trillion yen in developing electric vehicle batteries and increasing battery production capacity to 280 gigawatt-hours by 2030.

Japanese car manufacturer Toyota has long been known as the pioneer of hybrid cars. Unfortunately, with the development of the world and move towards The future of an electric car, only Toyota She dug her heels deeper with the hybrids and fuel cell vehicles. It has come to a point where the Toyota boycott movement is beginning to gain global attention.

But things changed last month when Toyota, also one of the world’s largest automakers, announced that it intended to sell 3.5 million electric vehicles globally by 2030 and market 30 different electric models during the same period. The sales target is 75% more than its previous target of two million vehicles while the intended number of new electric car models to be marketed has also been doubled.

“Even two million units is huge – we’ve taken the number to 3.5 million today,” Toyota CEO Akio Toyoda said, stressing that the number is comparable to the annual production volume of Daimler or Suzuki. “If some insist that we are still negative about electric cars after 3.5 million vehicles and 30 models have been announced, we want them to tell us what it takes to not be viewed negatively.”

Moreover, the automaker plans to devote 8 trillion yen (US$70.4 billion) separately by the end of this decade to research and development (R&D) as well as capital investment in electric, hybrid and fuel cell vehicles. According to Toyoda, half of the allocated amount will be spent on EVs, the first time Toyota has earmarked private funding for its electric segment.

Toyoda said Toyota will “develop Lexus into a brand focused on electric batteries,” adding that the automaker aims to offer a full line of electric vehicles in “all vehicle segments” and electrify all Lexus vehicles. Sold in Europeand North America and China by 2030. It also aims to ensure that all Lexus vehicles sold globally will be electric by 2035.

Electric car and battery project

The company even announced an investment of about 2 trillion yen to develop batteries for electric cars. The amount is a 30% increase over the target set in September. The Japanese automaker also plans to increase battery production capacity to 280 gigawatt-hours by 2030, a 40% increase over previous plans.

Furthermore, Toyota claims it has secured an adequate supply of battery raw materials including lithium to meet the requirements until the end of this decade. Supplies are provided through cooperation with Toyota Tsusho Trade House.

The company was also Investing in solid state batteries; However, the company Tell Fitness Trainer This past December, the technology will debut on a hybrid vehicle rather than a pure EV. Essentially, this means that the first Toyota vehicle with a solid battery will still have an internal combustion engine.

Separately, talking with Otollen during CES 2022The company’s chief scientist and head of the Toyota Research Institute, Jill Pratt, said development is progressing on schedule and the first car to be phased out. With lithium-ion batteries It will arrive in the first half of the decade, that is, after three years.

Why only hybrid solid state batteries yet?

For starters, pairing an EV with solid-state batteries will increase the vehicle’s price. “Costs are likely to come down between now and 2025, but it’s not enough to make a car without an internal combustion engine with solid batteries possible,” Otollen pointed out.

However, Toyota’s intention is to apply solid state battery technology to hybrid vehicles first So the pricing won’t be affected much. The company actually sees hybrid cars as somewhat of a test drive for solid-state batteries.

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