After coming under intense pressure, Toyota has reversed its earlier position and now says it will shift towards EVs. They are now saying they will invest approximately $35 billion on batteries and EVs over the next 10 years.
Meanwhile »
- VW has promised 100 Billion through 2026
- Mercedes is at 40B through 2030
- Stellantis 30B through 2025
- GM 35B through 2025
- Ford 30B through 2025
Antony Currie / Reuters »
Toyota has become an electrification laggard, ceding the early lead the Prius hybrid model gave it 25 years ago. Now, after a series of announcements in September and December, it intends to spend $35 billion on batteries and electric vehicles. That’s double Nissan’s recent underwhelming target, but still shy of the 73 billion euros Volkswagen has committed.
Nonetheless, Toyoda now reckons his company can sell 4 million pure electric vehicles a year by 2030 – double the amount forecast just three months earlier. That would be impressive.
He has not, however, let go of Toyota’s love of hybrid engines. These are slated to account for another 4 million vehicles sold in nine years’ time. Toyota is also dabbling in hydrogen technology for passenger cars, even though that’s better suited to large trucks and buses. The carmaker argues such technologies can effectively reduce pollution, and was one of several that refused to support a COP26 pledge to stop selling gasoline-powered vehicles by 2040 read more . It has also lobbied hard against purely electric propulsion requirements and more stringent tailgate emissions standards, the Sierra Club points out.
Continue reading