Toyota is going all in on electric.
The company is already offering hybrid models around the globe with the Prius leading the hybrid market – but with its new strategy, Toyota is planning to launch pure EVs from 2020 onwards.
In the initial phase, the company will release 10 purely electric and battery-powered cars, and gradually, by the end of 2025, all the cars manufactured under Toyota will either be hybrid or fully electric.
In an announcement yesterday, the company revealed its plan to manufacture only hybrid and electric cars in the future. Company officials said that Chinese auto market will be targeted first and it will be followed by Japanese, European, Indian, and the U.S. markets.
Toyota will partner with Panasonic to make “latest technology” batteries. The company plans to spend as much as $13.3 billion by 2030 in battery development to gain a significant foothold in the EV market.
Moreover, Toyota also plans to replace half of its sales with both hybrid and fully electric vehicles in the near future. The automaker says that it has a target to sell up to 5.5 million EVs annually by 2030.
To keep its name on the list of top automakers, the company has been planning to “speed up the game” in the motor industry for the past year or two. Though the company has faced some criticism for being slow in adopting the latest technologies, but with this announcement, it feels like it is intending to choose a similar road as many of its rivals and finally commit to electric.