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18 December 2017
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| Japan toyota (The Total Investment & Insurance Solutions) |
Toyota plans to offer more than 10 purely electric vehicle models in its
lineup by the early 2020s, marking the Japanese automaker's commitment to that
growing technology sector. The Total
Investment & Insurance Solutions
Toyota Motor Corp. now offers no purely
electric vehicles, although it leads in hybrid models, which switch between an
electric motor and a gas engine.
Executive Vice President Shigeki Terashi said
Monday that Toyota's EVs will be first offered in China, a nation that's
encouraging electric vehicles with subsidies and other policies, and is
expected to drive massive growth in that technology.
Terashi says Toyota's EVs will also later be
offered in Japan, India, the U.S. and Europe. The Total Investment & Insurance Solutions
The company says that by about 2025, every
model it sells will have some kind of "electrified" version, such as
hybrid, electric or fuel-cell.
Last week, Toyota announced it will set up a
joint auto battery business with Japanese electronics maker Panasonic Corp.
Terashi stressed the deal with Panasonic is "a crucial piece" in
Toyota's strategy, and that it wanted to promote a Japanese partnership. The Total Investment & Insurance
Solutions
Advances in battery technology are vital for
the success of EVs. A major shift toward their use would require more use and
recycling of the rare and expensive materials used in batteries, such as
lithium.
Toyota announced other goals on green
vehicles. By about 2030, it hopes to sell 5.5 million electrified vehicles a
year. Toyota sells about 10 million vehicles globally a year.
The company said it will invest 1.5 trillion
yen ($13 billion) to realize its 2030 goal, more than half of it on making
batteries.
Other automakers, including Nissan Motor Co.,
Volkswagen AG and Honda Motor Co., offer or are working on electric vehicles.
That means competition among battery makers is heating up. It is unclear
whether Panasonic will emerge the victor in the race. The Total Investment & Insurance Solutions
Toyota has generally sought to develop key
technologies in-house, rather than purchasing them from outsiders. That
includes knowhow for computer chips and robotics, which are also expected to be
pillars of growth for the auto sector in coming years.The Total Investment & Insurance Solutions
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