TOKYO -- Toyota Motor Corp. committed 8 trillion yen ($70 billion) to electrify its lineup by 2030, half of it to develop a battery electric vehicle lineup, as it looks to tap a growing market for zero-emissions cars and light trucks.
But the world's biggest automaker, which is a relative latecomer to full-electric vehicles, said it expected annual sales of EVs to reach only 3.5 million vehicles by the end of the decade, or around a third of its current vehicle sales.
That is less than rivals such as Volkswagen Group, which in July predicted that half of its global vehicle sales will be battery-powered cars by that date.
Speaking at a news briefing in Tokyo on Tuesday surrounded by more than a dozen planned full-electric models, Toyota CEO Akio Toyoda said the company was still pursuing a multi-pronged, carbon-reduction strategy that also includes hybrids and hydrogen-powered vehicles.
"We want to leave all people with a choice, and rather than where or what we will focus on, we will wait a little longer until we understand where the market is going," Toyoda said.
The company's plan to introduce a full lineup of 30 EVs by 2030 goes beyond the 15 models Toyota earlier said it would have available by 2025.