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Toyota wants to invest $35 billion in electric vehicles

Toyota has long been regarded as a pioneer in the field of hybrid automobiles. Unfortunately, as the world progressed and moved toward an electric vehicle future, Toyota’s hybrid and fuel-cell vehicles dug in even deeper. It got to the point where a boycott of Toyota began to gain traction around the world.

However, things changed last month when Toyota, one of the world’s major automakers, said that by 2030, it plans to sell 3.5 million electric vehicles worldwide and offer 30 distinct electric models. The sales target has been increased by 75% from the prior objective of two million, and the number of new electric vehicle types to be sold has also been raised.

“Even 2 million units is a tremendous quantity – we increased it to 3.5 million today,” Toyota CEO Akio Toyoda remarked, emphasizing that the figure is similar to Daimler or Suzuki’s yearly manufacturing volume. “If some maintain that we are still pessimistic about electric cars despite the fact that we have announced 3.5 million automobiles and 30 models, we would like them to inform us what else we need to do to avoid being perceived negatively.”

To top it off, by the end of this decade, the manufacturer wants to set aside 8 trillion yen (US$70.4 billion) for R&D (research and development) as well as a capital investment in electric, hybrid, and fuel cell vehicles. Toyoda claims that half of the funds would be spent on electric vehicles, marking the first time the company has set aside funds especially for this category.

Toyoda said that Toyota plans to “transform Lexus into a brand focused on battery EVs” by 2030, with a full lineup of EVs in “all vehicle sectors” and electrifying all Lexus automobiles sold in North America, Europe, and China. By 2035, it wants all Lexus vehicles sold across the world to be electrified.


The battery and electric vehicle venture

The corporation has even announced a 2 trillion-yen investment in the development of electric vehicle batteries. The sum represents a 30 percent increase over the September goal. By 2030, the Japanese automaker wants to raise battery manufacturing capacity to 280 gigawatt-hours, a 40 percent increase over prior projections.

Furthermore, Toyota claims to have secured a sufficient supply of battery raw materials, including lithium, to meet demand until the end of the decade. The supplies are obtained through a partnership with the Toyota Tsusho trading firm.

The corporation has also been spending on solid-state batteries, but according to Autocar last December, the technology will debut on a hybrid vehicle rather than a pure electric vehicle. That implies the very first Toyota having a solid-state battery is going to still be powered by an internal combustion engine.

Separately, Toyota’s top scientist and leader of the Toyota Research Institute, Gill Pratt, told Autoline during CES 2022 that research is on track and that the first car without lithium-ion batteries would debut during the first half of the decade, or three years.

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