Japanese auto giant Toyota Motor said on Monday that it will market more than 10 all-electric vehicle (EV) models globally by the early 2020s.
“As a mass-market automaker we need to expand our offering of electric cars,” Toyota’s Executive Vice President Shigeki Terashi said at a briefing in Tokyo, Reuters reports.
The company will introduce pure-battery models initially in China, followed by Japan, India, the United States and Europe, he said.
Setting an annual sales target of around one million zero-emission battery EVs and fuel-cell vehicles (FCVs) by 2030, Toyota said it may have to invest over US$13 billion to develop and make batteries to achieve the goal.
Toyota, the world’s second-largest automaker by sales after Volkswagen, added that it needs to accelerate the pace of battery development as tightening global vehicle emissions regulations would require a steep increase in manufacturing capacity for more powerful batteries.
The Japanese firm has ramped up its EV development since last year when it announced it would add fully electric vehicles to its product line-up, surprising some industry players as it had long touted a green-car strategy focusing mainly on plug-in hybrid and FCVs, Reuters noted.
Toyota expects EVs to account for around half of its global sales by 2030, when it aims to sell 4.5 million petrol-electric and plug-in hybrid vehicles annually.
Volkswagen is aiming for 2-3 million EV sales by 2025.
Last week, Toyota said it and partner Panasonic were considering developing next-generation EV batteries, including solid state batteries.
As the Panasonic tie-up may not be enough to meet its battery needs by 2030, Toyota said it is open to striking additional partnerships.
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