Toyota’s announcement comes as mainstream automakers increasingly attack Tesla Inc, which has become the most valuable automaker this year.



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Toyota Motor Corporation President Akio Toyoda speaks during battery electric vehicle strategies briefing

Toyota Motor Corp on Tuesday pledged 8 trillion yen ($ 70 billion) to electrify its automobiles by 2030, half of which to develop a range of battery-electric vehicles (BEVs), as it seeks to operate a growing market for zero-emission cars.

But the world’s largest automaker, which is relatively behind on fully electric cars, said it expected BEV’s annual sales to reach just 3.5 million vehicles by the end. of the decade, or about a third of its current vehicle sales.

That’s less than larger competitors like Europe’s No.1 automaker Volkswagen, which predicted in July that half of its global vehicle sales would be battery-powered cars by that date.

Despite this, shares of Toyota and Toyota group companies Tsusho and Denso rallied on Wednesday, leading to gains on the benchmark Nikkei 225. Toyota rose 4.06% while Toyota Tsusho and Denso jumped respectively. 4.81% and 4.44%.

Toyota’s announcement comes as mainstream automakers increasingly attack Tesla Inc, which has become the most valuable automaker this year. Tesla’s market value reached over $ 1,000 billion in October, surpassing the combined value of Toyota, VW, Daimler AG, Ford Motor and General Motors Co.

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Toyota plans to invest 2,000 billion yen in the production of batteries by 2030, against 1,500 billion yen announced earlier.

Speaking at a press conference in Tokyo surrounded by more than a dozen planned BEV models, Toyota CEO Akio Toyoda said his company continues to pursue a multi-pronged carbon reduction strategy. which also includes hybrid cars and hydrogen vehicles.

“We want to leave it up to everyone, and rather than what or what to focus on, we’ll wait a bit longer until we understand where the market is going,” Toyoda said.

His company’s plan to introduce a full range of 30 BEVs by 2030 goes beyond the 15 models Toyota previously announced would be available by 2025. The Japanese automaker also announced on Tuesday that it planned to invest 2,000 billion yen in the production of batteries by 2030, against 1,500 billion yen announced earlier.

This investment includes $ 1.29 billion for a new battery plant in North Carolina that will begin production in 2025.

Electric vehicles still represent only a small portion of car sales, but the market is growing rapidly, with new registrations rising 41% in 2020 even as the global auto market shrinks by a sixth this year. that year.

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

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

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