Toyota Motor Corporation says it is ready to spend $10 bn to lead the Electric Vehicle (EVs) production and sale globally in 2018.
Toyota Motor Corporation believes it  has a shot at becoming a leader in the segment. The optimism is attributed to new battery breakthrough and new confidence that next -generation solid -state batteries will make EVs more practical.Toyota has been widely criticized as the laggard in the industry’ s electric vehicle race.
Toyota  recently confirmed that it had found the final piece of the puzzle to make EVs feasible, and unveiled aggressive plans to roll out more than 10 EVs worldwide by the early 2020. The move is uncharacteristically bold for a company that does not sell a single EV nameplate . If its strategy works , it could vault Toyota from the back of the pack to the forefront of the race for battery -powered cars .
The Executive Vice President , Toyota Motors, Shigeki Terash “It ’s a dramatic change in stance,”  while unveiling the plan in Tokyo , adding , “ We have filled the last piece of the puzzle to this grand picture .” According to him , Toyota will introduce its first EV in China , and then gradually introduce others in Japan , India , the US and Europe.
As part of a larger green- vehicle blitz , Toyota also said it would create electrified versions of every nameplate in the Toyota and Lexus line- ups by 2025.
It would be recalled that Toyota had long argued that EVs would remain a niche segment because of their limited driving range , high costs and slow charging times. But Toyota has changed gears as governments in China , Europe, India and elsewhere consider mandating eco -friendly vehicles to curb emissions and pollution .
The battery breakthrough will help it overcome some of the technological challenges , including energy density , cost and weight, Toyota now says . While noting that the battery was “the missing piece” Toyota now envisions a ramp -up to sell 5 .5 million traditional hybrids, plug -in hybrids, EVs and hydrogen fuel cell vehicles by 2030.
Contained in that target are sales of about one million EVs or fuel cell vehicles a year, accounting for at least 10 per cent of the company’s total global sales. That sales volume would represent more than twice the number of all zero -emission vehicles sold by all makers worldwide in 2016.
Terashi said the automaker would invest about $10 billion into vehicle electrification from next year through 2030. Half of that will go toward battery development . Solid-state batteries have less vulnerability to temperature extremes and promise two to three times the energy density of existing EV batteries .
Nigeria may also be a beneficiary of the huge investment with the commitment of the National Automotive Design and Development Council towards the sale of electric vehicles in the country.
