Toyota makes £35bn EV pledge

Toyota has announced it will invest £35bn into electric vehicle development with the aim of selling upwards of 3.5 million EV units by 2030.

It will launch 30 new EV models by then, from sports cars to commercial vehicles.

The strategy is intended to establish the company as a direct rival with Tesla, and represents a major shift in its sustainability ambitions; in the past it has argued that achieving carbon neutrality should involve a mix of hybrids, EVs and hydrogen-powered vehicles.

The £35bn investment is a major step up from the £13bn it previously pledged to EV development and will be divided between car development and battery improvement.

CEO Akio Toyoda said: “We will continue to advance initiatives in all areas together with many of our partners among Toyota Group companies, suppliers, and dealers. Energy plays a critical role in achieving carbon neutrality. That is exactly why Toyota is committed to providing a diversified range of carbon neutral options to meet whatever might be the needs and situations in every country and region. It is not us but local markets and our customers who decide which options to choose.”

Toyota has not abandoned hydrogen though, and plans to sell more than four million units by 2030.