Toyota sets EV sales goal of 3.5 mil., plans 8 tril. yen spending

TOKYO, Dec. 14 Kyodo - Toyota Motor Corp. said Tuesday it lifted its electric vehicle sales goal to 3.5 million units for 2030 and plans to spend 8 trillion yen ($70 billion) by that year to boost product electrification, in a quicker shift to zero-emission cars as it plays catchup with global rivals. The new annual sales target will be 75 percent higher than its previous plan of 2.0 million electric vehicles, including fuel cell vehicles, as the automaker aims to roll out 30 new EV models worldwide by 2030, more aggressive than its earlier projection of launching 15 new models by 2025. The 3.5 million sales goal is roughly 37 percent of the Toyota group's global sales last year. The spending plan includes 4 trillion yen solely for the EV business, of which half will be used to speed up battery development, up from 1.5 trillion yen previously planned. Major carmakers are increasing the development of all-solid-state batteries that are expected to be safer and give vehicles more extended range. The amount compares with 2.53 trillion yen the company estimates for development and capital spending for the Toyota group in the current fiscal year to March. The new strategy highlights that Toyota is steering its electrified product lineup more to vehicles fully powered by batteries on the back of global moves toward carbon neutrality over the next several decades. While some countries plan to offer generous subsidiaries to spur purchases of green vehicles, Toyota said last week it will spend $1.29 billion to build an automotive battery plant in North Carolina, its first such factory in North America. "The situation around energy differs from region to region. Therefore, Toyota wants to meet the situation and needs of different countries and regions by offering various choices in terms of carbon neutrality," President Akio Toyoda said at a press briefing. "I wasn't interested in EVs developed by Toyota until now. But I am interested in what we will develop in the future." Of the 3.5 million EV sales target, one million are expected to be Lexus vehicles, as all products sold under the automaker's upscale brand will be 100 percent electric by 2035, Toyota said. The new models include Toyota bZ4X crossover sport-utility vehicle, compact, sports and other models. Toyota, which became the world's first maker of mass-produced gasoline-electric hybrid vehicles when it released the Prius in 1997, has been a leader in the electrified vehicle market. But the automaker is seen as being less aggressive in pushing battery-powered vehicles, as it pursues a "full lineup" strategy, which covers a broader range of electrified vehicles, including EVs and hybrids, as well as fuel cell vehicles that run on hydrogen. The world's biggest carmaker by volume is sticking with its plan of offering wider options to customers in various markets, Toyoda said. Some countries do not have enough infrastructure to charge vehicles while others heavily depend on carbon-emitting power generation, he added. Global automakers such as Volkswagen AG and General Motors Co. plan to boost their offerings of electric vehicles. Among Toyota's domestic peers, Honda Motor Co. set a goal for electric and fuel cell vehicles accounting for all of its global sales in 2040. Meanwhile, last month, Nissan Motor Co. said it aims to make over half of its global vehicle lineup battery-powered or hybrid by fiscal 2030. ==Kyodo