Toyota Accelerates Electric Vehicle Transition with "83 Trillion Investment by 2030"...
[Asia Economy Reporter Park Jihwan] Hana Financial Investment analyzed on the 19th that Toyota is accelerating its shift to electric vehicles by significantly raising its electrification goals and investment amounts.
Researcher Song Seonjae of Hana Financial Investment stated, "Toyota plans to invest 8 trillion yen (approximately 83 trillion KRW) in electrification by 2030 and has set a sales target of 3.5 million battery electric vehicles (BEVs)." By category, 4 trillion yen (about 41 trillion KRW) will be allocated to BEVs, and 4 trillion yen to HEVs, PHEVs, and FCEVs. The BEV investment includes 2 trillion yen (about 21 trillion KRW) for batteries and 2 trillion yen each for electric vehicle R&D and production.
Starting with the bZ4X scheduled for release next year, Toyota plans to launch 15 electric vehicle models by 2025 and 30 models by 2030, aiming to have electric vehicle options across all model lines. The annual electric vehicle sales target is 3.5 million units, a significant increase from the previous target of 2 million units. In particular, the premium brand Lexus plans to sell 1 million electric vehicles by 2030 and intends to sell only electric vehicle models from 2035 onward.
Researcher Song said, "Toyota plans to invest 2 trillion yen in electric vehicle batteries," adding, "The goals include improving battery efficiency and expanding production capacity." Regarding battery efficiency, Toyota aims for an energy efficiency of 125 Wh per km for compact SUVs, which means approximately 570 km of driving range based on the 71.4 kWh lithium-ion battery installed in the bZ4X, representing a 24% improvement over the current 460 km range.
Toyota also plans to secure an annual battery production capacity of 280 GWh by 2030, which corresponds to about 3.7 million vehicles based on a 75 kWh battery per vehicle. This announcement significantly upgrades the previous targets announced until September, which were 2 million vehicles, 1.5 trillion yen, and 200 GWh. Researcher Song noted, "Toyota has been slower in electrification compared to competitors due to its focus on hybrid vehicles (HEV share 26.1% vs. BEV/PHEV/FCEV share 1.6%). This plan upgrade appears to reflect urgency caused by the rapid increase in electric vehicle market penetration."
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He added, "While strengthening the transition plan to electric vehicles is positive, it remains to be seen whether the technological expertise accumulated in existing HEVs will be properly transferred to BEVs or if Toyota will still cling to the legacy of HEVs."
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