Toyota Motor Corp on Tuesday committed 8 trillion yen ($70 billion) to electrify its automobiles by 2030, half of it to develop a battery electric vehicle (BEV) line-up, as it looks to tap a growing market for zero-emission cars.
But the world’s biggest carmaker, which is a relative latecomer to full electric cars, said it expected annual BEVs sales to reach only 3.5 million vehicles by the end of the decade, or around a third of its current vehicle sales.
That is less than bigger rivals such as Europe’s No. 1 carmaker Volkswagen, which in July predicted that half of its global vehicle sales will be battery-powered cars by that date.
