Toyota, in Reversal, Says It Will Shift Extra Quickly to EVs

TOKYO—

Toyota Motor Corp.

TM -3.42%

on Tuesday stepped up its dedication to battery electrical autos, saying it could have 30 EV fashions obtainable by 2030 and aimed to promote 3.5 million battery EVs globally by 2030.

Toyota additionally mentioned that 100% of the autos in its luxurious Lexus model can be EVs globally by 2035. The Lexus model goals to have battery EVs account for 100% of complete gross sales in Europe, North America and China by 2030, Toyota mentioned.

The automobile maker mentioned it could make investments ¥2 trillion, equal to $17.6 billion, in battery know-how.

Lucid, Fisker, Rivian and Canoo are among the many well-funded startups racing to launch new electrical autos. WSJ requested CEOs and trade insiders how new auto firms plan to problem Tesla’s market dominance and tackle legacy automobile makers. Picture composite: George Downs

The firm had beforehand mentioned it could introduce 15 battery EV fashions by 2025.

Toyota’s president,

Akio Toyoda,

mentioned the automobile maker needed to cut back carbon-dioxide emissions as a lot as potential and as rapidly as potential.

Beforehand, Mr. Toyoda has expressed skepticism concerning the automobile trade’s transfer towards battery EVs. He mentioned the autos aren’t essentially environmentally pleasant if the electrical energy they use comes from fossil fuels.

Write to Sean McLain at sean.mclain@wsj.com