Toyota, Lexus to Spend $70 Billion to Go Electric by 2030

Just weeks after Toyota announced plans to invest money into a North Carolina electric vehicle (EV) battery plant, the company is reportedly also planning to invest in a move to electrification.

Toyota shared plans on Tuesday for a $70 billion USD (8 trillion yen) investment into electrifying the company’s entire brand of cars by 2030, with half of the funding specifically geared towards developing zero-emission cars, according to Automotive News.

The plan takes its previous commitment to offer 15 EV models by 2025 further, with the company set to instead sell 30 EV varieties by 2030.

Toyota CEO Akio Toyoda spoke at a news conference on Tuesday, saying that the company was also looking into other zero-emission options like a carbon-reduction strategy and plans for hybrid and hydrogen-powered vehicles.

At the conference, Toyoda said, “We want to leave all people with a choice, and rather than where or what we will focus on, we will wait a little longer until we understand where the market is going.”

In addition, Toyoda shared 15 concepts for both Toyota and Lexus EVs on Tuesday, stating that Lexus also planned to have a full lineup of battery EVs by 2030, and to do so with 100 percent of Lexus sales across markets by 2035.

Over the summer, however, Toyota avoided joining a lobbying group of automakers that agreed to tougher emission standards to spur on EV adoption.