Toyota Motor Corporation (NYSE:TM), which has been reluctant to endorse battery electric vehicles, is having a rethink its strategy.
What Happened: Japanese auto giant Toyota on Tuesday unveiled 16 concept BEVs (Battery Electric Vehicles) under the Toyota and Lexus brands.
By 2030, the company expects to roll out 30 BEV models and sell about 3.5 million vehicles, President Akio Toyoda said in his presentation.
The company also announced that the Lexus brand will be 100% electrified in Europe, North America and China by 2030.
Toyota said the bZ4X, being developed in collaboration with Subaru, will be delivered to customers shortly. The vehicle will be produced at the company's Motomachi plant. It also announced an expansion to the bZ series lineup.
With bZ, which stands for beyond zero, the company hopes to go beyond reducing carbon-dioxide emissions and other negative impacts to zero. A dedicated platform for BEVs has been developed to meet the diverse needs of the global market, the world's second-largest automaker said.
The other bZ concepts unveiled at the conference included bZ SDN, a four-door sedan, an Aygo-like crossover SUV, a bZ compact SUV and a bZ large SUV.
"We will not only add battery EV options to existing vehicle models but will also offer a full lineup of reasonably priced mass-production models, such as the bZ series, to meet the needs of all kinds of customers," Toyoda said.
Related Link: EV Sales Are On The Rise, But Tesla's Global Market Share Is Shrinking: Analyst
Toyota's luxury unit Lexus' first dedicated BEV is to be called RZ, with "z" standing for zero. Lexus will launch its RZ crossover, in 2022 followed by a full-range of EVs, including a full-sized SUV, an IS-sized saloon and a dedicated supercar.
Toyota also said it is increasing its new investment in batteries from the 1.5 trillion yen announced in September to 2 trillion yen, aiming to realize even more-advanced, high-quality, and affordable batteries.
Additionally, the company is also planning to invest 4 trillion yen into hybrid and fuel-cell EVs, taking the total amount set aside for its electrification process to 8 trillion yen ($70.3 billion).
Why It's Important: The EV inflection is continuing to gather momentum, and analysts believe the industry could allow multiple players to operate profitably.
Despite being a late and reluctant entrant into the battery EV party, Toyota is well positioned due to its experience in the industry and deep pockets.
At last check, Toyota shares were rallying 2.14% to $179.89.
Also See: Toyota Faces Setbacks on Its EV Quest
Photo: Courtesy of pressroom.toyota.com
