Toyota is ramping up its electric vehicle production schedule, vowing to release 30 electric vehicles by 2030 rather than just 15 EVs by 2025, as was previously promised. The Japanese automaker also vowed to sell 3.5 million battery EVs globally by 2030 and to transform Lexus into an EV-only brand by 2035.
The company said it would invest 2 trillion yen ($17.6 billion) in battery vehicle technology, an increase over its previous commitment of 1.5 trillion yen ($13.6 billion).
Toyota was an early pioneer in electrification, helping pave the way for companies like Tesla and others by proving that vehicles with alternative powertrains could be immensely popular. But the company has since fallen far behind its competitors.