Toyota (7203) sees best day since March on $70bn EV investment
07:14, 15 December 2021
Tokyo-listed shares in Toyota Motor saw its best day in nearly nine months after the company announced plans to invest about $70bn in battery electric vehicles (BEVs).
On Wednesday, Toyota Motor stock jumped 3.6% to JPY2118.5 in Tokyo, its biggest intraday gain since March 18.
Akio Toyoda, global president of Toyota Motor said the company is targeting to sell 3.5 million BEVs by 2030.
Full BEV line up by 2030
Toyota Motor said it will offer a full line up of BEVs in the passenger and commercial segments, with plans to roll out 30 BEV models by 2030.
The Japanese auto major added that it wants to prepare as many options as possible for its customers because “it is difficult to make everyone happy with a one-size-fits-all option”.
Lexus, the company’s luxury brand, aims to realise a full lineup of BEVs in all vehicle segments by 2030, the company said.
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To invest $17bn in batteries
The company will also increase investments in batteries to JPY2trn ($17.6bn) from JPY1.5trn announced in September to build high-quality, affordable batteries.
Toyota Motor, maker of the world’s first mass-production hybrid electric vehicle Prius, said its trading arm has been working on securing renewable energy sources such as wind and solar power generation for more than 30 years, adding that its manufacturing plants are aiming to achieve carbon neutrality by 2035.
Its New York-listed stock closed 2.6% higher at $180.78 overnight on Tuesday.