Toyota Outlines Revised Electric Vehicle Strategy

By Paul Riegler on 20 December 2017
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Toyota, which led the gas-electric hybrid revolution but has lagged behind rivals in offering fully electric vehicles, announced its strategy for that market.

The plan calls for the Japanese automaker to invest ¥1.5 trillion ($13 billion) in research and development by the year 2030. Half of that investment will be earmarked towards battery development.

Last week the automaker’s president, Akio Toyoda, said the company plans to sell 5.5 million electrified vehicles annually by 2030, of which one million would be fully electric or fuel-cell vehicles. By the year 2025, every vehicle in the Toyota and Lexus lineup will have some kind of electric powertrain option.

Toyota plans to introduce its new electric vehicles in China first, followed by Japan, India, Europe, and the United States, it said.

Until now, the automaker has focused its alternative fuel efforts hybrids towards vehicles such as the hybrid Toyota Prius and hydrogen fuel cell vehicles such as the Toyota Mirai.

(Photo: Accura Media Group)