Toyota U-turns and doubles down on EV lineup

Toyota has been known for resisting the EV transition, but things are about to change big time. In a surprising move, the company announced on Tuesday that it would have 30 EV models available by 2030, aiming to sell globally 3.5 million electric vehicles by the same year. 

Plus… it will invest $18 billion (¥2 trillion) in battery development. 

And wait for it: Toyota will fully electrify its luxury sub-brand Lexus by 2035. In fact, Lexus wants its EVs to account for 100% of the total sales in Europe, North America, and China already by 2030. 

Why are the new numbers so impressive?

Compared to other automakers, Toyota’s new pledges aren’t really striking, as the company still remains a latecomer in the EV game.

But let’s remember the automaker’s previous commitments.

  1. The company had previously pledged to launch 15 all-electric models by 2025, and now is doubling amount, although pushing it back by five years.
  2. Toyota was planning to drop some $13 billion in battery development, which has now been increased by $5 billion.
  3. Lexus currently offers no electric vehicles, but is planning to bring its very first EV, the LF-Z Electrified, in 2022. So yes, to scale up from zero to 100% within 13 years is a pretty bold move.

What kind of vehicles can we expect?

Toyota’s president, Akio Toyoda, promised the expansion of the company’ s electric bZ (beyond Zero) series, including SUVs of all sizes, pick-up trucks, and sports cars.