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Toyota to Plow $35 Billion Into Accelerating Electric Car Shift

  • Automaker raises battery-based EV investment, sales targets
  • Accelerates efforts after later entry into mass-market EVs
Akio Toyoda speaks during a news conference on Dec. 14.
Akio Toyoda speaks during a news conference on Dec. 14.Photographer: Kiyoshi Ota/Bloomberg
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Toyota Motor Corp. wants the world to know it’s serious about competing in the market for battery-based electric vehicles.

The world’s biggest carmaker is planning to invest 4 trillion yen ($35.2 billion) to supercharge its EV push, with a target to sell 3.5 million units annually by the end of the decade, Chief Executive Officer Akio Toyoda said at a briefing Tuesday. Toyota will roll out 30 electric models by 2030, a step up from a prior plan to introduce 15 EVs globally by 2025.