Skip to main content

Toyota’s electric vehicle plans are getting bigger and more expensive

Toyota’s electric vehicle plans are getting bigger and more expensive

/

The company is promising to spend over $17 billion to roll out 30 EVs by 2030

Share this story

Toyota is ramping up its electric vehicle production schedule, vowing to release 30 electric vehicles by 2030 rather than just 15 EVs by 2025, as was previously promised. The Japanese automaker also vowed to sell 3.5 million battery EVs globally by 2030 and to transform Lexus into an EV-only brand by 2035.

The company said it would invest 2 trillion yen ($17.6 billion) in battery vehicle technology, an increase over its previous commitment of 1.5 trillion yen ($13.6 billion).

Toyota was an early pioneer in electrification, helping pave the way for companies like Tesla and others by proving that vehicles with alternative powertrains could be immensely popular. But the company has since fallen far behind its competitors.

Toyota was an early pioneer in hybrid tech but has since fallen far behind its competitors

Companies like Nissan, General Motors, and Volkswagen have been selling pure battery-electric vehicles for years while also revealing their plans to phase out gas cars completely. Toyota, meanwhile, has yet to release a long-range electric vehicle. And the company’s top executives, including billionaire CEO Akio Toyoda, have been on the record calling the trend toward electric vehicles “overhyped” in part because of emissions associated with power plants — which is a favorite talking point used by the oil and gas industry.

1/19

But in an event Tuesday, Toyoda changed his tune, touting the need for the company to reduce tailpipe emissions by releasing more EVs.

“I believe that achieving carbon neutrality means realizing a world in which all people living on this planet continue to live happily,” Toyoda said. “We want to help realize such a world. This has been and will continue to be Toyota’s wish and our mission as a global company. For that challenge, we need to reduce CO2 emissions as much as possible, as soon as possible.”

As part of the announcement, Toyota showed several dozen concept vehicles, including sedans, sports cars, crossovers, SUVs, pickup trucks, and even a couple of boxy shuttles. The company didn’t release many details about each vehicle but did note that a planned Lexus sports car would have a “cruising range” of 700 km (434 miles) and be able to accelerate from 0 to 60mph in under two seconds. Toyota’s first long-range EV, the BZ4X compact SUV, is expected to be released in the US in mid-2022.

Toyota is planning on spending some of its promised $17.6 billion in the US

Toyota is planning on spending some of its promised $17.6 billion in the US. The company recently announced a $1.29 billion battery factory in North Carolina as part of its plan to invest around $13.6 billion in battery tech over the next decade.

But despite its expanding commitment to EVs, Toyota is still spending a lot of money in Washington, DC, to lobby against President Joe Biden’s efforts to encourage Americans to buy more EVs.

Congressional Democrats have proposed increasing the federal EV tax credit from $7,500 to $12,500 for purchases of electric vehicles made in the US by unionized workers, triggering a backlash from non-union companies like Tesla and Toyota. The Japanese automaker has run full-page newspaper ads accusing Biden and the Democrats of “play[ing] politics with the environment.”

Today’s Storystream

Feed refreshed Sep 24 Striking out

E
External Link
Emma RothSep 24
California Governor Gavin Newsom vetoes the state’s “BitLicense” law.

The bill, called the Digital Financial Assets Law, would establish a regulatory framework for companies that transact with cryptocurrency in the state, similar to New York’s BitLicense system. In a statement, Newsom says it’s “premature to lock a licensing structure” and that implementing such a program is a “costly undertaking:”

A more flexible approach is needed to ensure regulatory oversight can keep up with rapidly evolving technology and use cases, and is tailored with the proper tools to address trends and mitigate consumer harm.


A
Youtube
Andrew WebsterSep 24
Look at this Thing.

At its Tudum event today, Netflix showed off a new clip from the Tim Burton series Wednesday, which focused on a very important character: the sentient hand known as Thing. The full series starts streaming on November 23rd.


A
The Verge
Andrew WebsterSep 24
Get ready for some Netflix news.

At 1PM ET today Netflix is streaming its second annual Tudum event, where you can expect to hear news about and see trailers from its biggest franchises, including The Witcher and Bridgerton. I’ll be covering the event live alongside my colleague Charles Pulliam-Moore, and you can also watch along at the link below. There will be lots of expected names during the stream, but I have my fingers crossed for a new season of Hemlock Grove.


A
Andrew WebsterSep 24
Looking for something to do this weekend?

Why not hang out on the couch playing video games and watching TV. It’s a good time for it, with intriguing recent releases like Return to Monkey Island, Session: Skate Sim, and the Star Wars spinoff Andor. Or you could check out some of the new anime on Netflix, including Thermae Romae Novae (pictured below), which is my personal favorite time-traveling story about bathing.


A screenshot from the Netflix anime Thermae Romae Novae.
Thermae Romae Novae.
Image: Netflix
J
Twitter
Jay PetersSep 23
Twitch’s creators SVP is leaving the company.

Constance Knight, Twitch’s senior vice president of global creators, is leaving for a new opportunity, according to Bloomberg’s Cecilia D’Anastasio. Knight shared her departure with staff on the same day Twitch announced impending cuts to how much its biggest streamers will earn from subscriptions.


T
Twitter
Tom WarrenSep 23
Has the Windows 11 2022 Update made your gaming PC stutter?

Nvidia GPU owners have been complaining of stuttering and poor frame rates with the latest Windows 11 update, but thankfully there’s a fix. Nvidia has identified an issue with its GeForce Experience overlay and the Windows 11 2022 Update (22H2). A fix is available in beta from Nvidia’s website.


A
External Link
If you’re using crash detection on the iPhone 14, invest in a really good phone mount.

Motorcycle owner Douglas Sonders has a cautionary tale in Jalopnik today about the iPhone 14’s new crash detection feature. He was riding his LiveWire One motorcycle down the West Side Highway at about 60 mph when he hit a bump, causing his iPhone 14 Pro Max to fly off its handlebar mount. Soon after, his girlfriend and parents received text messages that he had been in a horrible accident, causing several hours of panic. The phone even called the police, all because it fell off the handlebars. All thanks to crash detection.

Riding a motorcycle is very dangerous, and the last thing anyone needs is to think their loved one was in a horrible crash when they weren’t. This is obviously an edge case, but it makes me wonder what other sort of false positives we see as more phones adopt this technology.


A
External Link
Ford is running out of its own Blue Oval badges.

Running out of semiconductors is one thing, but running out of your own iconic nameplates is just downright brutal. The Wall Street Journal reports badge and nameplate shortages are impacting the automaker's popular F-series pickup lineup, delaying deliveries and causing general chaos.

Some executives are even proposing a 3D printing workaround, but they didn’t feel like the substitutes would clear the bar. All in all, it's been a dreadful summer of supply chain setbacks for Ford, leading the company to reorganize its org chart to bring some sort of relief.