On Monday, Toyota (TM) - Get Toyota Motor Corp. Sponsored ADR Report , which has been criticized for lagging the electric vehicle market, introduced specific goals about its plans to gain traction in the market.
Over the next 10 years, the Japanese carmaker, which dominated the market for hybrid vehicles with the introduction of the Prius, aims to generate half of annual vehicle sales from electric vehicles, the company said in a press release. The company will partner with Panasonic, to develop next-generation, new batteries, investing $13.3 billion through 2030.
Toyota will introduce over 10 electric vehicles from 2020 on, and by 2025, plans to have a hybrid and fully electric version of every car it sells. By 2030, Toyota is targeting sales of more than 5.5 million electrified vehicles, including 1 million zero-emission vehicles, including battery-operated vehicles (BEVs) and fuel-efficient vehicles (FEVs).
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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.