Toyota Announces $35B EV Investment
Dec. 15, 2021—Toyota on Tuesday announced it would invest $35.2 billion into its EV push in an attempt to "supercharge" its position among the glut of automakers scrambling to plan transitions to becoming fully electric.
The investment will help Toyota in its plan to roll out 30 fully electric models by 2030 according to a report from The Detroit News, a significant step up from its previous plan to have 15 EV models by 2025.
The Japanese automaker will also invest another $35 billion into hybrid and fuel-cell car developments, bringing its total electrification investment to just over $70 billion.
“Instead of predicting the future, we want to be ready for any change,” CEO Akio Toyoda said during a Tuesday news conference. “Until the path ahead is clear, we want to provide our customers with a range of options.”
At first skeptical about the world's ability to handle such a rapid transition to fully electric automobiles, Toyoda said that new energy policies announced by nations across the globe prompted his company to update their timeline.
“As policies became clear we thought about our own policies and came up with this new figure,” Toyoda said.