"Japan's Toyota to Invest Over 40 Trillion Won in Electric Vehicle Development by 2030"

"Global Sales Target of 3.5 Million Units Annually by 2030"
"Over 8 Trillion Yen Investment Including Hybrid and Fuel Cell Technologies"

[Image source=AP Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] Japanese automaker Toyota Motor Corporation plans to invest more than 4 trillion yen (approximately 41.618 trillion KRW) in the electric vehicle (EV) sector by 2030, and over 8 trillion yen in total including hybrid (HV) and fuel cell vehicle (FCV) sectors, according to a report by Nihon Keizai Shimbun (Nikkei). Through this, Toyota aims to increase its global vehicle sales volume to 3.5 million units and officially enter the electric vehicle market competition.

According to Nikkei on the 14th, Toyota Motor is scheduled to hold a strategic briefing on the EV sector to announce its future investment plans and goals. Nikkei reported, "Toyota Motor plans to invest 4 trillion yen in research and development and new facilities for the EV sector by 2030, including 2 trillion yen for vehicle battery development investment, and a total of more than 8 trillion yen including hybrid and fuel cell sectors. The global vehicle sales volume is also expected to increase to 3.5 million units annually, which is more than 75% higher than the 2 million units set in May."

Toyota is analyzed to have launched a large-scale investment due to evaluations that it has been relatively late in entering the EV market compared to major competitors in the United States and Europe. Earlier, Toyota announced on the 6th that it would establish a battery plant for electric vehicles in North Carolina, USA, with an investment of 1.29 billion dollars (approximately 1.524 trillion KRW).

Toyota has so far focused its investments on the hybrid sector centered on the Prius model, developed in 1997. However, as most automakers, led by Tesla, have shifted to launching 100% electric vehicles, Toyota officially declared its full-scale entry into EV development only on the 17th of last month.

Nikkei added that Toyota plans to introduce electric vehicles mainly focusing on about 10 models, including its flagship Lexus, compact cars, and SUVs.

This content was produced with the assistance of AI translation services.