Toyota has sold over eleven-million hybrid and electric vehicles around the world for the past twenty years, but the company isn’t satisfied with this number. The world’s largest automaker has set a goal to start growing the EV part of its business by much more than it has in the past in order to reach a sales goal of 5.5 million EV and hybrid models annually by 2030. This is an incredible jump in the market, but if any company can make it happen, you can bet Toyota would be the ones to get the job done and make the move toward this number.
In order to bring this goal to fruition, Toyota also announced that every vehicle that is redesigned or remade in the Toyota and Lexus brands over the next several years will have a hybrid or electric variation added to the mix. This means every generational upgrade we see from Toyota will have at least one model that has alternative forms of propulsion in order to increase the sales and offer cleaner-burning vehicles that are the wave of the future. With Toyota making this incredible change, it’s time to see more from the rest of the market.
Effecting the Entire Automotive Market
Not only will this change for Toyota offer us an amazing number of hybrid and EV models with the generational changes, but the plan is also to build at least ten models that are battery-electric models to add to the lineup during the early part of the next decade. With the sheer number of vehicles that will be offered, it shouldn’t be too difficult for Toyota to realize its goal of selling 5.5 million EV and hybrid models by the 2030 year, which is still twelve years away from where we are now.
The fact that Toyota will make a large number of battery-powered vehicles over the next several years means they are going to need to rely more heavily on the Panasonic team for the batteries produced. In the past, the Toyota-Panasonic alliance has been strong, but Panasonic is also the company that builds the batteries for Tesla. Toyota had a stake in Tesla in the past, but with this movement on the horizon, Toyota sold off this stake and will begin the tug-of-war that will eventually see Panasonic partner with Toyota for the future and leave Tesla behind to begin to build their own batteries.
This brings about several questions for the entire market. Will other brands follow suit and offer EV and hybrid models across their lineup? The reports we’ve seen says this will be the case because many automakers have already announced this movement in their companies. What will happen to Tesla? Without Panasonic, will Tesla survive and being to build their own batteries instead of relying on this electronics giant? Can Toyota reach this goal and have 5.5 million EV and hybrids sold per year by the year 2030? Only time will tell, but you can bet they have the resources and the investments in place to make this happen.