Toyota Motor Corp (ADR) (NYSE:TM) is outlining its plans for the years ranging from 2020 to 2030 and it has some major EV news.
During the next decade, Toyota will be focusing on putting out more electric vehicles. The company says that it hopes to have more than 10 zero-emission vehicles ready for customers by 2025. This includes a range of battery electric vehicle (BEV).
The new bit of EV news from Toyota shows that the company is going to dedicate significant amounts of resources into creating vehicles that run on electricity. This includes creating electric versions of all vehicles in the Toyota and Lexus lines. As a result, there will be no vehicles that don’t have an EV counterpart.
In its massive EV news drop, Toyota says that it will start its plans by introducing electric vehicles in China. After this, it plans to expand to other countries. The company says that Japan, India, the U.S. and Europe are on its list of places to bring electric vehicles to.
Toyota says that its plan is to sell 5.5 million electric vehicles per year by 2030. Of these, the company says that it is aiming for 1 million of them zero-emissions vehicles.
“Batteries are a core technology of electrified vehicles and generally present limitations relating to energy density, weight/packaging, and cost,” Toyota said in a press release. “Toyota has been actively developing next-generation solid-state batteries and aims to commercialize the technology by the early 2020s.”
TM stock was up 2% as of Monday afternoon and is up 3% year-to-date.