Toyota, one of many world’s largest automakers, is planning to speculate 4 trillion yen ($35 billion) to construct a full lineup of 30 battery-powered electrical autos by 2030.

It goals to additionally improve international gross sales of battery electrical autos by 3.5 million items a 12 months by the top of the last decade, CEO Akio Toyoda mentioned Tuesday.

Most of Toyota’s present electrical automobile gross sales are hybrid electrical vehicles which might be powered by a mixture of an inside combustion engine and battery-operated electrical motors. Battery-only EVs make up solely a fraction of its present gross sales.

The Japanese automaker will improve new investments into battery applied sciences by 500 billion yen ($4.4 billion) to 2 trillion yen, in line with Toyoda. It will likely be a part of Toyota’s broader 4 trillion yen funding into battery electrical autos and would come with each capital expenditure in addition to analysis and improvement.

Toyota additionally plans to speculate one other 4 trillion yen in different sorts of electrical autos, together with hybrid vehicles, plug-in hybrids and fuel-cell electrical autos, which use hydrogen as an influence supply.

“On this diversified and unchartered period, it is very important flexibly change the categories and portions of merchandise produced, whereas keeping track of the market developments,” Toyoda mentioned throughout a briefing on the carmaker’s battery electrical automobile methods, in line with official translations of his remarks in Japanese.

“We imagine that shortly adapting to modifications sooner or later is extra necessary than attempting to foretell the long run, which is nothing however unsure. We need to maintain choices out there for our prospects till the fitting path is thought,” he added.

For its luxurious model Lexus, Toyota goals to have battery electrical autos account for 100% of auto gross sales in Europe, North America, and China by 2030 and globally by 2035.

Regardless of being one of many pioneers of hybrid fashions, Toyota has been comparatively gradual in its push towards battery-only electrical autos in comparison with a few of its international rivals like Common Motors and Ford.

Final month, on the U.N. local weather convention in Scotland, the Japanese automaker declined to hitch a bunch of six main carmakers, together with Sweden’s Volvo and Daimler’s Mercedes-Benz, to signal a declaration to section out fossil-fuel vehicles by 2040, Reuters reported.

A high Toyota government had reportedly informed the information company that the corporate doesn’t need to be seen as an electrical automobile maker, however desires to be considered as a carbon-neutral enterprise as a substitute.

Toyota is aiming for carbon-neutrality at manufacturing crops by 2035, Toyoda mentioned at Tuesday’s briefing.

Rival Nissan final month mentioned it should make investments 2 trillion yen (round $17.6 billion) over the following 5 years to hurry up the electrification of its product line. It plans to roll out 23 new electrified fashions by 2030, 15 of which will probably be totally electrical.