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Toyota President Akio Toyoda on Tuesday announced a $70 billion plan to electrify the automaker's lineup that includes making Lexus an all-electric brand by 2035.
The project will see 30 battery-electric vehicles launched across Toyota's brands by 2030, comprising about a third of its global fleet, while hybrids, hydrogen fuel cells and internal combustion engines that burn hydrogen will also be included.
Toyota Motor Corp. President Akio Toyoda presents Toyota’s future lineup of EVs. (AP)
"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," Toyoda said.
The automaker has previously explained how full-electrics aren't suitable for certain customers yet, such as those who live in urban environments and don't have a home charging system.
Akio Toyoda is the grandson of Toyota Motor Corporation founder Kiichiro Toyoda. (AP)
Ford CEO Jim Farley last week said he sees continuing limitations on EV adoption among rural drivers and people who tow long distances for years to come, which is why the company hasn't put a hard date on going all-elecrtric.
Ticker Security Last Change Change % TM TOYOTA MOTOR CORP. 181.22 +5.19 +2.95%
Toyoda made his remarks in front of 15 concept vehicles that included an electric take on the Tacoma pickup and an SUV inspired by the classic FJ40 Land Cruiser.
The Lexus Electrified Sport concept previews a future model. (Lexus)
Among them was a Lexus called the Electrified Sport that is projected to accelerate to 60 mph in the 2-second range and cover over 430 miles between charges.
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Toyota's first high-volume battery-powered model for the U.S., the bZ4X SUV, is set to go on sale in the U.S. next year. It is also investing $1.29 billion to build a battery manufacturing plant in North Carolina.
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