Toyota Motor Corp. is all set to increase their investment in Electric Vehicles.
Also as per Akio Toyoda is extending its electric vehicle lineup, offering 30 new fully electric models by 2030.
Toyota will also increase its investment in battery development to ¥2 trillion ($18 billion) from the ¥1.5 trillion previously announced and launch 30 EV models globally by 2030.
Toyota raised 2 trillion yen ($17.6 billion) of its investment in battery research and development from the 1.5 trillion yen ($13.2 billion) announced earlier this year.
When including other green technologies, like hybrids, Toyota is investing 8 trillion yen by 2030. Earlier this month, Toyota announced plans to build a $1.3 billion electric vehicle battery plant near Greensboro, North Carolina, that will employ at least 1,750 people and start production in 2025.
Toyota Motor Corp. is all set to increase their investment in Electric Vehicles with fully electric sport utility vehicle called “bZ4X” is set to go on sale next year globally.
Toyota is building a futuristic city near Mount Fuji, designed to try out and showcase automated driving, sustainable energy and robotics for housing.
EVs still only account for a small portion of car sales, but the market is growing rapidly, with new registrations up 41% 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 carmakers, including General Motors, and Ford Motor Co. 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.
The company has hastened its push to further electrify its lineup in recent months.
Toyota recently promised that it will be ready to sell only zero-emission cars in Europe by 2035. Aligning itself with the European Union’s green deal measures proposed earlier this year.
Once seen as lagging behind in the U.S., the automaker made news earlier this year with its plans for EVs.
Toyota’s battery factory will be the anchor tenant of an industrial park called the Greensboro-Randolph Mega-site. A 1,825-acre parcel of land in central North Carolina that has been rezoned for heavy industry.
The plant will create around 1,750 new jobs there.
North Carolina site will initially have capacity to build enough lithium-ion batteries for 800,000 vehicles per year.
Toyota commit to use 100% renewable energy at the facility, which will be known as Toyota Battery Manufacturing, North Carolina. It joins 10 other nonunion factories Toyota currently operates in the U.S.