Toyota has committed $70 billion to electrify its product portfolio.
By the end of the decade, Toyota predicts that about a third of its sales will be EVs.
Come 2030, Toyota will have 30 EVs.
Once a detractor, now a semi-willing participant in electrification beyond hybrids, Toyota has announced that it will make considerable investments in the coming years in an effort to electrify much of its product line-up. Lexus will receive a good portion of the $70 billion investment as it will go all-EV by 2035.
The plan for Toyota’s luxury brand will be to have an EV in each segment that it competes in by 2030. By 2035, Lexus will sell only EVs. Toyota’s objectives are not quite as EV-focused, however.
Toyota still believes that not all markets and consumers will want an electric vehicle which is why they expect that only about 3.5-million, of their roughly 10 million annual sales, will be EVs by 2030.
“We want to leave all people with a choice, and rather than where or what we will focus on, we will wait a little longer until we understand where the market is going,” Toyota CEO Akio Toyoda said as reported by Automotive News Europe. At the end of the current decade, Toyota will have up to 30 fully electric models for sale