Japanese automaker Toyota is making big investments to produce a fleet of new electric vehicles over the next decade.
The world’s largest carmaker on Tuesday announced plans to invest some $70 billion in electrified vehicles, including hybrids, plug-in hybrids and all-electric vehicles.
Part of the investment includes $35 billion to build a full lineup of 30 battery-powered electric vehicle models across the Toyota and luxury Lexus brands by 2030. Toyota plans to have electric vehicles make up 100 percent of Lexus sales in Europe, North America and China by 2030, and worldwide by 2035.
Toyota expects global sales of electric vehicles to reach 3.5 million vehicles annually by 2030.
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During a news conference, Toyota CEO Akio Toyoda said the company was pursuing an electrification strategy that includes hybrids and hydrogen-powered vehicles.
“In this diversified and uncharted era, it is important to flexibly change the type and quantity of products produced while keeping an eye on market trends,” Toyota said. “We believe that quickly adapting to changes in the future is more important than trying to predict the future, which is uncertain. That is why we want to keep options available for our customers until the right path is clear” Toyoda said.
The announcement comes as major automakers have already started making big investments to transition from traditional combustion engines to all-electric vehicles, including General Motors which aims to phase out gasoline and diesel powered passenger cars and SUVs by 2035.
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