EVs still only account for a small portion of light vehicle sales, but the market is growing rapidly, with new registrations up 41 percent in 2020 even as the global auto market contracted by a sixth that year.
In November, Toyota declined to join a pledge signed by six major automakers, including GM and Ford, to phase out fossil-fuel cars and light trucks by 2040. It argued that not all parts of the world would be ready to transition to green vehicles by then.
In addition to electrified models, Toyota is also developing internal combustion engines that run on hydrogen fuel. Toyoda said the technology could help to save some of Japan’s 5.5 million auto jobs by allowing the company to keep supply chains that would disappear with a full shift to electric vehicles.
Toyoda on Tuesday showed 15 concepts for upcoming Toyota and Lexus full-electric models including sedans, SUVs, a small crossover designed for Europe and Japan, a pickup and a Lexus LFA-inspired supercar.
He said Lexus aims to have a full lineup of battery EVs in all vehicle segments by 2030 and for battery EVs to make up 100 percent of its global sales in 2035 in Europe, North America, and China — totalling 1 million units globally.