Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Munich Auto Show
    • Geneva Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Podcasts
  • Car Cutaways
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
    • Meet the 2021 winners
    • Browse photos from the 2021 awards ceremony
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • TUV Rheinland: Battery testing center for large battery packs and more
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Focus on Electrification
December 14, 2021 01:53 AM

Toyota launches $70B EV push; Lexus will be all-electric brand

Automaker still hesitant about battery-powered future

Reuters
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    Toyota BEV Akio Toyoda

    Toyota CEO Akio Toyoda showed the automaker's future lineup of full-electric cars including sedans, SUVs, crossovers, a pickup and battery-powered vans.

    TOKYO -- Toyota committed 8 trillion yen ($70 billion) to electrify its lineup by 2030, half of it to develop a battery electric vehicle lineup, as it looks to tap a growing market for zero-emissions cars.

    But the world's biggest automaker, which is a relative latecomer to full-electric cars, said it expected annual sales of full-electric cars to reach only 3.5 million vehicles by the end of the decade, or around a third of its current vehicle sales.

    That is less than rivals such as Volkswagen Group, which in July predicted that half of its global vehicle sales will be battery-powered cars by that date.

    Speaking at a news briefing in Tokyo on Tuesday surrounded by more than a dozen planned full-electric models, Toyota CEO Akio Toyoda said his company was still pursuing a multi-pronged, carbon-reduction strategy that also includes hybrid cars and hydrogen-powered vehicles.

    "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," Toyoda said.

    His company's plan to introduce a full lineup of 30 all-electric cars by 2030 goes beyond the 15 models Toyota earlier said it would have available by 2025.

    Share
    Toyota baby Land Cruiser web1.jpg

    Toyota baby Land Cruiser

    Share
    Toyota bz large SUV web.jpg

    Toyota bz large SUV

    Share
    Toyota bz compact SUV web.jpg

    Toyota bz compact SUV

    Share
    Toyota crossover EV web.jpg

    Toyota crossover EV

    Share
    Toyota bz sedan web.jpg

    Toyota bz sedan

    Share
    Toyota electric sports car.jpg

    Toyota electric sports car

    Share
    Toyota small SUV EV web.jpg

    Toyota small SUV EV

    Share
    Toyota electric vans.jpg

    Toyota electric vans

    Toyota baby Land Cruiser web1.jpg
    Toyota bz large SUV web.jpg
    Toyota bz compact SUV web.jpg
    Toyota crossover EV web.jpg
    Toyota bz sedan web.jpg
    Toyota electric sports car.jpg
    Toyota small SUV EV web.jpg
    Toyota electric vans.jpg

    Toyota on Tuesday also said it planned to invest 2 trillion yen in battery production by 2030, up from the 1.5 trillion yen it announced earlier. That investment includes $1.29 billion for a new battery plant in North Carolina that will begin production in 2025.

    EVs still only account for a small portion of car sales, but the market is growing rapidly, with new registrations up 41 percent in 2020 even as the global car market contracted by a sixth that year.

    In November, Toyota declined to join a pledge signed by six major automakers, including GM and Ford to phase out fossil-fuel cars by 2040. It argued that not all parts of the world would be ready to transition to green cars by then.

    In addition to electrified cars, Toyota is also developing internal combustion engines that run on hydrogen fuel. Toyoda said the technology could help to save some of Japan's 5.5 million auto jobs by allowing the car company to keep supply chains that would disappear with a full shift to electric cars.

    Toyoda on Tuesday showed 15 concepts for upcoming Toyota and Lexus full-electric cars including sedans, SUVs, a small crossover designed for Europe and Japan, a pickup and a Lexus LFA-inspired supercar.

    He said Lexus aims to have a full lineup of battery EVs in all vehicle segments by 2030 and for battery EVs to make up 100 percent of its global vehicles sales in 2035 in Europe, North America, and China -- totalling 1 million units globally.

    Share
    Lexus BEV coupe - Copy.jpg

    Lexus BEV coupe

    Share
    Lexus BEV sedan - Copy.jpg

    Lexus BEV sedan

    Share
    Lexus electric coupe web - Copy.jpg

    Lexus electric coupe

    Share
    Lexus electrified sports car web - Copy.jpg

    Lexus electrified sports car

    Share
    Lexus electrified SUV web.jpg

    Lexus electrified SUV

    Share
    Lexus RZ production SUV.jpg

    Lexus RZ production SUV

    Share
    Lexus RZ web.jpg

    Lexus RZ

    Lexus BEV coupe - Copy.jpg
    Lexus BEV sedan - Copy.jpg
    Lexus electric coupe web - Copy.jpg
    Lexus electrified sports car web - Copy.jpg
    Lexus electrified SUV web.jpg
    Lexus RZ production SUV.jpg
    Lexus RZ web.jpg
    RECOMMENDED FOR YOU
    Mercedes electric G-Class to use range-boosting silicon battery tech
    Recommended for You
    Mercedes electric G-Class to use range-boosting silicon battery tech
    Mercedes electric G-Class to use range-boosting silicon battery tech
    Skoda MEB battery production
    Skoda hopes for eastern European gigafactory decision by 2023
    Tesla Cybertruck
    Tesla stops taking orders for Cybertruck outside North America
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Munich Auto Show
        • Geneva Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Podcasts
    • Car Cutaways
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
        • Meet the 2021 winners
      • ANE Eurostars
        • Browse photos from the 2021 awards ceremony
    • More
      • Publishing Partners
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • TUV Rheinland: Battery testing center for large battery packs and more
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us