Toyota, the Japanese automaker is planning to introduce more than 10 completely electric vehicles models by 2020.
Currently, Toyota Motors Corporation has released no vehicle that is purely electric. So this will be a huge leap for Toyota Motors to prove it’s standing in the growing technology industry.
Toyota does lead in hybrid cars that can switch between the electric motor and a gas engine.
Shigeki Terashi the Executive Vice President of Toyota said that the electric vehicles will first be introduced in China as it is a country that is encouraging electric vehicles production. China also has electric cars subsidies along with other policies. So it will be advantageous for Toyota to offer electric cars first in China.
Later on, the cars will be launched in Japan, India, Unites States and Europe.
Toyota also claims that by 2025, every Toyota model will have an “electrified” version like a hybrid, electric or fuel-cell.
Toyota also announced that it will work in collaboration with Panasonic Corporation the Japanese electronics maker to set up an auto battery business. Terashi said that the deal with Panasonic is “a crucial piece” in developing the electric cars.
Battery Technology advancement is essential that growth in electric vehicles. Other announcements made by Toyota were its hope to sell almost 5.5 million vehicles annually by 2030. Toyota is ready to invest $13 billion or 1.5 trillion yen to achieve its goal by 2030.
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Other than Toyota, Nissan Motor Corporation, Volkswagen AG, and Honda Motor Corporation are also looking to introduce electric vehicles. So the competition is rising and auto companies are ready to shift towards electric vehicles.