Toyota Plan $35 Billion by 2030 to Develop New Electric Vehicles

Toyota Motor Corp, which once saw hybrid powertrains as the future while the rest of the auto industry invested heavily in battery-powered vehicles (BEVs), is now fully electrified. Toyota's updated electrification plan for 2030 will include a mix of pure electric, hybrid, and fuel cell vehicles. The plan includes a commitment to invest 8 trillion yen (US$70 billion) by 2030. Half of this amount will be used to develop new electric models. To support its electrification plan, Toyota plans to invest $3.4 billion (2 trillion yen) in battery production by 2030, up from the 1.5 trillion yen the company previously announced. The investment includes $1.29 billion in a new US battery plant in North Carolina.