Toyota to Spend $35 Billion on Battery Electric Vehicles by 2030

Leading Japan based car manufacturer Toyota Motor Corp. (TYO: 7203) says that it will be spending $35 billion to build a line-up of 30 battery electric vehicles (BEV) by the year 2030. The company will be undertaking this initiative as part of it wider program geared towards producing zero emissions vehicles.

That would be part of an overall investment of 8 trillion yen in electrified vehicles, including hybrids and hydrogen vehicles, by the end of the decade,” said Toyota.

This latest announcements supersedes a previous announcement which Toyota made not long ago claiming that it plans to produce 15 battery electric vehicle by e year 2025. The company’s chief executive, Akio Toyoda, says they are aiming to be producing 3.5 million BEVs annually by 2030.

Yet again, the company revised upward its budget for battery production from the 1.5 trillion yen it had announced earlier to 2 trillion yen by 2030. The company which is on the process of building hydrogen fuel cell cars also revealed that it’s developing combustion engines which run on hydrogen fuels.

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