For the longest time, Toyota Motor’s (NYSE: TM) only electrified cars have been hybrids such as the Toyota Prius hybrid, first launched in October 1997. But while fellow automakers and electric vehicle (“EV”) startups have developed a variety of pure battery-electric vehicles (“BEVs”) and unveiled plans to produce even more EV models over the next decade, the Japanese automaker has dragged its feet in comparison. However, Toyota recently announced that it is finally wading into the battery electric vehicle segment and significantly increasing its EV lineup.
The automaker plans on investing a whopping $70 billion on electrification over the next decade, CEO Akio Toyoda says, with one-half of it going to battery electric vehicle development. This massive investment would see Toyota, currently one of the largest automakers on the globe, build 30 new battery-powered electric cars by 2030. Toyota also wants to ramp up global battery electric vehicle sales until…
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