Toyota Motor Corp (7203.T) on Monday said it will market more than 10 all-electric vehicle (EV) models globally in the early 2020s, and that investment to develop their batteries is likely to exceed $13 billion (1.5 trillion yen) through 2030. The fuel cell line-up will also be expanded for both passenger and commercial vehicles in the 2020s.
Britain and France plan to ban cars running on gasoline or diesel by 2040, while China, the world's largest vehicle market, is contemplating a similar move.
He said Toyota would introduce pure-battery models initially in China, followed by Japan, India, the USA and Europe.
Currently, Toyota Motors Corporation has released no vehicle that is purely electric.
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Toyota also claims that by 2025, every Toyota model will have an "electrified" version like a hybrid, electric or fuel-cell. Terashi said that the deal with Panasonic is "a crucial piece" in developing the electric cars. The announcement surprised some industry players as the automaker had long touted a green-car strategy focusing mainly on plug-in hybrid and fuel-cell vehicles (FCVs).
Producing batteries for so many EVs would pose a challenge "on a different dimension", said Terashi, who heads Toyota's EV business planning department. So this will be a huge leap for Toyota Motors to prove it's standing in the growing technology industry.
The automaker also has an annual sales target of 5.5 million electrified cars, or roughly half of its total sales, by 2030.
Toyota revealed that the bulk of the increase in its non-traditional vehicle production over the next decade or so would be centred on hybrid electric vehicles and plug-in hybrid electric vehicles, making up 4.5 million of the 2030 sales target.