Toyota commits $70 bln to electrification

Toyota accelerated its drive towards electrification on Tuesday (December 14)

The Japanese carmaker announced it would commit $70 billion to electrify its automobiles by 2030.

Half of that would be used to develop a battery electric vehicle - or BEV - line-up.

That as the market for zero-emission cars grows.

Toyota CEO Akio Toyoda.

"Going forward, we will realise a full lineup of battery electric vehicles and expand the options for carbon neutral vehicles. Specifically, we will unveil 30 BEV models by 2030, and will have a full lineup of BEVs in each of the passenger and commercial segments globally."

Toyoda added the company would pursue a multi-layered carbon-reduction strategy, with hybrid cars and hydrogen-power included in the plans.

It also plans to invest around $17 billion in battery production by the end of the decade.

The world's biggest carmaker said it expected its BEV sales to reach only 3.5 million vehicles by the 2030.

That is just a third of its current output, and less than some major rivals like Volkswagen.

The German automaker has projected that half of its global sales would be battery-powered cars by 2030.

Toyota's move comes as traditional carmakers try to take on Tesla.

Elon Musk's firm hit more than $1 trillion in value this year.