Toyota Motor Corp (ADR) (NYSE: TM) has announced a new aggressive electric vehicle initiative that includes rolling out 10 new fully EV models in the early 2020s. Toyota may not be the first to the electric vehicle market, but investors can rest assured that it will be a major player within the next decade.
Toyota says it has a goal of selling 1 million zero-emission battery-powered electric and fuel-cell vehicles by 2030. By that time, the company hopes EVs, including petrol-electric and plug-in hybrids, will make up roughly half of its total global sales.
“As a mass-market automaker, we need to expand our offering of electric cars,” executive vice president Shigeki Terashi says. “To promote the wider use of EVs, we need to increase our technical development capabilities and address the societal impact of the technology.”