Toyota Motor on Monday said it will market more than 10 all-electric vehicle (EV) models globally in the early 2020s, and that investment to develop their batteries is likely to exceed $13 billion (1.5 trillion yen) through 2030.
Setting out EV sales goals, the world's second-biggest automaker by sales after Volkswagen said it needed to accelerate the pace of battery development, as tightening vehicle emissions regulations would require a steep increase in manufacturing capacity for more powerful batteries.
China, the United States and a growing number of other countries are forcing automakers to make low-emissions cars, spurring competition to develop EVs even as battery-operated cars currently comprise just a sliver of the global market.
"As a mass-market automaker we need to expand our offering of electric cars," Executive Vice President Shigeki Terashi said at a briefing in Tokyo. "To promote the wider use of EVs, we need to increase our technical development capabilities and address the societal impact of the technology."
He said Toyota would introduce pure-battery models initially in China, followed by Japan, India, the U.S. and Europe.
Last year, plug-in hybrid petrol-electric vehicles and all-battery EVs made up just over 1 percent of global auto sales, showed data from the International Energy Agency. Industry experts anticipate sales to reach 10 percent in coming decades.