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



Toyota's new BEV bZ4X
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.

Related Reports:
Toyota Business Fair 2022: CO2 reduction of next-generation automobiles and parts (Mar. 2022)
Toyota's Development and Supply of Batteries: Investing JPY 1.5 trillion by 2030 (Oct. 2021)
Japanese OEMs announce and update policies for electrification and carbon neutrality (Jun. 2021)
Toyota's EV strategy: “Toyota bZ4X" and "Lexus LF-Z Electrified" announced (Apr. 2021)



This report is for paid members only. Remaining 7 chapters remaining.
Free membership registration allows you to read the rest of the article for a limited time.