One of the world’s largest automakers is shifting gears when it comes to electric vehicles. Toyota is changing its strategy, and betting billions of dollars in the process.
The company has been a relative skeptic when it comes to fully electric vehicles.
Up to now, Japan’s largest automaker has emphasized hybrid vehicles along with traditional combustion engines.
Last month, Toyota did not join six other major automakers in a pledge to phase out cars using fossil fuels by the year 2040.
At the time, a company spokesman said not all parts of the world would be ready for fully electric transport within 20 years.
Tuesday, the company announced it will launch 30 different electric vehicle models by the end of the decade.
President Akio Toyoda told reporters at a Tokyo news conference, “I wasn’t interested in Toyota’s EVs until now. But now I’m interested in future EVs.”
Under the latest future planning, every high-end Lexus model will be fully electric by the year 2035.
But the company is hedging its bets — maintaining a production flow of hybrid and hydrogen-powered vehicles.
It also plans to spend nearly $18 billion on battery production by 2030 — boosting its previous investment in the technology by about a third.
Early reaction from investors was positive — Toyota shares closed Tokyo trading with a gain of 4%.
