Toyota's BEV Strategy: Plans for 3.5 million BEVs, including 1 million Lexus by 2030

Started lease sales of the bZ4X in Japan; Lexus RZ to be launched in late 2022

2022/05/27

Summary
Battery EV Strategies
New BEV "bZ4X" launched in Japan on May 12
Lexus holds world premiere of details of the new RZ, a battery EV-only model
Media Briefing on Battery EV Strategies (December 2021)
Investing JPY 380 billion by 2030 for battery production in the U.S.
Toyota's (non-consolidated) global sales in FY2021 were 9.51 million units, 104.7% of the previous year
Sales Forecast by LMC Automotive: Toyota’s sales in 2025 will be 12 million units

Summary

Toyota bZ4X BEV system
(Exhibited at JSAE 2022 in Yokohama)

This report presents Toyota's BEV strategy announced over the past six months.

Toyota held a briefing on battery EVs in December 2021. The company plans to roll out 30 BEV models by 2030 and sell 3.5 million BEVs globally by that year, including 1 million Lexus BEVs. During the nine years from 2022 to 2030, a total of JPY 8 trillion will be invested in R&D and capital expenditures: JPY 4 trillion for BEVs (including JPY 2 trillion invested in batteries) and JPY 4 trillion for HEVs/PHEVs/FCEVs. Toyota will continue its strategy of a full lineup of electrified vehicles (full-lineup electrified vehicle plan).

In April 2022, the company held the "New BEV bZ4X Online Presentation" and began leasing the bZ4X in Japan in May. The company plans to lease and sell 5,000 units in the first year, and will offer them to individual customers through the KINTO new car subscription service company.

In April of the same year, details of the new RZ, Lexus' first BEV-only model, were unveiled for the first time in the world. It will be launched in the Japanese market in the second half of 2022. The new RZ embodies in design and driving performance of a Lexus-like vehicle brought about by electrification technology, and marks the starting point of the transformation to a brand centered on BEVs. In addition to the adoption of the BEV-specific platform (e-TNGA), it will adopt the four-wheel drive system "DIRECT4" that utilizes electrification technology. Lexus plans to have a full lineup of BEVs in all categories by 2030 and 100% BEVs globally by 2035.

Toyota plans to invest approximately JPY 380 billion (approximately USD 3.4 billion at the exchange rate at the time of the announcement) in battery production in the U.S. by 2030. First, a new battery plant will be built in North Carolina, with production to begin in 2025.