Toyota expects to sell 3.5 million electric cars annually by 2030. That’s per a data presentation by tradingplatforms.com. This is a bold move for the company that has historically focused on hybrid and fuel-cell technology rather than all-electric vehicles (EVs).
“Toyota’s announcement is an indication of a larger trend in the global automotive industry,” says tradingplatforms.com’s Edith Reads. “Battery-electric vehicles are becoming more affordable and reliable over time, increasing consumer demand driving innovative approaches to EV production. And with increased demand for EVs, governments are instituting incentives to encourage their purchases over their traditional counterparts.”
Toyota’s big bet on sustainability
Toyota says it’ll be investing 2 trillion yen ($17.6 billion) in battery vehicle technology. That’s an increase over its previous commitment of 1.5 trillion yen ($13.6 billion).
The company joins a growing number of automakers committing to sustainable transportation. The move is part of Toyota’s alignment with regulations that many countries are adopting in the transport sector.
These regulations are increasing the difficulty of carmakers to continue to produce gas-powered vehicles.
Toyota is working on EV models
The company is already working on several hybrids and EV models. These include an electric SUV and a hybrid minivan that it’ll release later this year. It’s also planning on releasing a fully electric urban commuter vehicle.
In November 2021, the firm unveiled its bZ4X all-electric SUV. The SUV runs on its innovative e-TNGA platform. This car resembles Toyota’s famous Rav-4, but on a completely different platform.
Moreover, Toyota is planning the global release of 15 EVs by 2025. Seven of these will be “bZs” of which the bZ4X is the pioneering model. According to the firm, bZ is an acronym for beyond zero. This series of vehicles go beyond just-zero emissions.