Toyota accelerates its electrification activities
Toyota is moving forward with its plan to sell 5.5 million electrified vehicles by 2025, ahead of its planned schedule.
The Japanese automaker is also trying to develop solid state battery technology for use in vehicles by next year.
Toyota's decision to further its electrifying goals is based on the sudden growth in EV adoption across the globe, especially in China. The 5.5 million figure that the company announced will include petrol based hybrids, plug-in hybrids, fuel cell and battery powered vehicles.
The increased demand for EVs also means that Toyota could face battery shortage in the near future. Although the automaker has been producing batteries its own for use in vehicles, the demand-supply situation has forced it to forge partnerships to meet supply shortfall.
The automaker will be roping in Chinese companies, Contemporary Amperex Technology Co Ltd (CATL) and BYD Co Ltd to supply batteries. Toyota will also be focussing on advancing fuel cell technologies.
Shigeki Terashi, Executive Vice President, R&D at Toyota said that the company is continuing with its long standing belief that FCVs are the ultimate solution to meet the mobility needs for the future. “We haven't changed our policy towards battery EVs. We are not shifting our focus to prioritise battery EVs, nor are we abandoning our FCV strategy,” he added.
Toyota very recently announced a partnership with Subaru to develop a new BEV. The automaker has also been in a strategic cooperation agreement with Suzuki, wherein it will help the latter with development of hybrid solutions for EVs.