Multi-pronged strategy pursued: Toyota invests billions in e-cars

Multi-pronged strategy pursued
Toyota invests billions in electric cars

The car company Toyota plans to expand its investments in electromobility to a total of 31 billion euros by 2030. In addition, 30 new models with electric drives are to come onto the market. The Japanese are still not catching up with their most important competitor.

The Japanese carmaker Toyota wants to catch up with electromobility and is taking eight trillion yen (62 billion euros) in hand. Four trillion yen of this will go into building a range of 30 different battery-powered vehicles, according to the world’s largest automobile manufacturer. So far, Toyota only wanted to offer 15 electric models by 2025.

Toyota 16.15

From 2030, 3.5 million electric vehicles are expected to be sold annually, which is around a third of total global sales. However, Toyota is lagging behind important competitors: Europe’s No. 1 car manufacturer, Volkswagen, is aiming for half of its global vehicle sales with battery-powered cars by 2030. Toyota CEO Akio Toyoda emphasized that his company is still pursuing a multi-pronged strategy to reduce CO2, which also includes hybrid cars and hydrogen-powered vehicles.

“We want to give everyone a choice, and instead of focusing on one thing or the other, we’re going to wait a little longer to see where the market is headed,” said Toyoda. Toyota recently refused to join a pledge by GM, Ford and other automakers to phase out fossil fuel cars by 2040. By then, not all parts of the world would be ready to switch to eco-cars, it was said to justify.

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

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