Being Late in the EV Game Will Now Cost Toyota $70 Billion
Toyota announced it will spend $70 billion to electrify its entire lineup by 2030. In addition, its luxury brand Lexus will become entirely electric by 2035. Along with the massive investment comes the introduction of 15 new electric Toyota vehicles. Everything from fancy sports cars to full-size pickup trucks, Toyota EVs are coming.
Toyota EVs will cost the automaker $70 billion
Toyota held a news briefing in Tokyo, Japan, on Tuesday morning, during which it revealed 15 new electric vehicle concepts. For example, the concepts include sedans, crossovers, SUVs, and a two-door sports car. Moreover, the automaker will have its 15 EV lineup ready for production by 2025 and an additional 15 models for a total of 30 EVs by 2030.
According to The Drive, nearly half of the $70 billion investment will go toward developing the 30 electric, zero-emission vehicles. Additionally, some of the investment will electrify the Lexus lineup, which will finish another five years later.
“We will expand the options for carbon-neutral vehicles by offering a full lineup of battery EVs,” Toyota president Akio Toyoda said in the Tokyo press conference. “Specifically, we plan to roll out 30 battery EV models by 2030, globally offering a full lineup of battery EVs in the passenger and commercial segments,” he added.
Will Toyota only sell electric vehicles?
Most importantly, the specific wording used by Toyota’s president is crucial in answering whether or not Toyota will sell only electric vehicles. Notice that he said, “expand the options,” and offer a full lineup of EVs. This careful word choice probably means that Toyota’s combustion and hydrogen vehicles lineup isn’t going anywhere. Instead, there will be a massive array of Toyota vehicles to choose from with many different powertrain options.
Toyota’s current lineup features 36 different vehicles, including its already in-production EVs. Several Toyota models are only available in markets outside of the U.S. Consequently, with nearly 40 cars already in its arsenal, the additional 30 EVs will make the lineup so large it’s almost impossible to keep track. As a result, the standard gas-powered Toyota lineup will diminish, or some models will transform into EVs.
What are the 15 new Toyota electric vehicles?
During the media briefing in Tokyo, Toyota unveiled 15 new electric vehicles. We already know about the bZ4X compact SUV. Subsequently, the bZ nameplate will cover many cars throughout the Toyota EV lineup. bZ stands for “beyond Zero” and spreads to vehicles like the bZ SDN midsize sedan, the bZ three-row SUV, and the bZ small crossover.
Next, a pickup truck looks like an electric Toyota Tacoma. An electric Tacoma has the potential to be the most exciting of them all. In addition, Toyota showed an off-road SUV called Compact Cruiser EV, which resembles an FJ Cruiser, a smaller SUV, a crossover, a two-seater sports car, and two micro EVs. We already know that a delivery van called MID BOX is one of the 15 EVs.
More details are unavailable for the Toyota electric vehicles. In other words, all that Toyota revealed so far are some concept vehicles and a little bit of a teaser. Above all, there seems to be a lot to look forward to between Toyota and Lexus in the coming years. Any company spending $70 billion on anything has profound faith in the product.