Toyota commits $70 bln to electrification but hesitant about battery-powered future

Record ID: 1651032

  • Title: Toyota commits $70 bln to electrification but hesitant about battery-powered future
  • Date: 14th December 2021
  • Summary: TOKYO, JAPAN (DECEMBER 14, 2021) (REUTERS) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** PRESIDENT OF TOYOTA MOTOR CORPORATION, AKIO TOYODA, STANDING ON STAGE DURING BRIEFING (SOUNDBITE) (Japanese) PRESIDENT OF TOYOTA MOTOR CORPORATION, AKIO TOYODA, SAYING: "From now on, we will realise a full lineup of battery electric vehicles (BEV) and expand the options for carbon neutral vehicles. Specifically, we will unfold 30 BEV models by 2030, and will have a full lineup of BEVs in each of the passenger and commercial segments globally." TOYODA UNVEILING NEW BEV MODELS ON STAGE TOYODA INTRODUCING TOYOTA BEV MODELS BZ COMPACT SUV (LEFT) AND BZ SMALL CROSSOVER (RIGHT) (SOUNDBITE) (Japanese) PRESIDENT OF TOYOTA MOTOR CORPORATION, AKIO TOYODA, SAYING: "Most of the Toyota's BEV models we introduced today will come out in the next few years. We are aiming to achieve a global annual sales of 3.5 million BEVs in 2030." TOYODA SPEAKING ON STAGE (SOUNDBITE) (Japanese) PRESIDENT OF TOYOTA MOTOR CORPORATION, AKIO TOYODA, SAYING: "Going forward, we will increase new investments related to batteries from 1.5 trillion yen ($13.2 billion) which we announced in September to 2 trillion yen ($17.6 billion). In addition, we will aim to further realise cutting edge, high quality and low priced batteries." VARIOUS OF TOYODA POSING FOR PHOTOS IN FRONT OF BEV MODELS VARIOUS OF TOYOTA BEV MODELS ON DISPLAY
  • Embargoed: 28th December 2021 10:57
  • Keywords: EV strategies Toyota Motor automobile battery electric vehicles
  • Location: TOKYO, UNKNOWN LOCATION, JAPAN
  • City: TOKYO, UNKNOWN LOCATION, JAPAN
  • Country: Japan
  • Topics: Asia / Pacific,Company News Markets,Economic Events
  • Reuters ID: LVA001F80CNYF
  • Aspect Ratio: 16:9
  • Story Text: Toyota Motor Corp on Tuesday (December 14) committed 8 trillion yen ($70 billion) to electrify its automobiles by 2030, half of it to develop a battery electric vehicle (BEV) line-up, as it looks to tap a growing market for zero-emission cars.
    But the world's biggest carmaker, which is a relative latecomer to full electric cars, said it expected annual BEVs sales to reach only 3.5 million vehicles by the end of the decade, or around a third of its current vehicle sales. That is less than bigger rivals such as Europe's No. 1 carmaker Volkswagen, which in July predicted that half of its global vehicle sales will be battery-powered cars by that date.
    Speaking at a press conference in Tokyo surrounded by more than a dozen planned BEV models, Toyota CEO Akio Toyoda said his company was still pursuing a multi-pronged, carbon-reduction strategy that also includes hybrid cars and hydrogen-powered vehicles.
    In November, Toyota declined to join a pledge signed by six major carmakers, including GM and Ford to phase out fossil fuel cars by 2040. It argued that not all parts of the world would be ready to transition to green cars by then.
    (Production: Kohei Miyazaki, Irene Wang)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2021. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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