Japanese car giant, Toyota, is reportedly spending USD 10 billion to further expand its EV production and sales on a global level from 2018. With this announcement, Toyota marks pivotal significance in global automotive and transportation industry, amidst a series of reputed carmakers that have been spending heavily on EV production.
According to reports, the huge investment will also add Nigeria as its beneficiary owing to the commitment of the National Automotive Design and Development Council to improve EV sales in the country. The Director-General of NADDC, Jelani Aliyu, had already hinted about the country’s plan to develop an electric car policy in order to gear up the nation for mass EV production.
Industry watchers state that Toyota’s investment is uncharacteristically bold for the company that does not even sell a single EV under its nameplate. However, the Japanese automaker proclaims that it has been working on making its EV production more feasible and has recently gained confidence through its next-generation solid-state batteries breakthrough. According to a company spokesperson, these batteries will make EV manufacturing for Toyota more practical and further help the company to mark its big step in the global electric vehicle market.
Sources reveal that the company has already announced plans to roll out more than 10 electric vehicles across the globe by 2020.
For those unfamiliar, Toyota has been long criticized as the laggard in the worldwide electric vehicle industry. However, speculating the dramatic change in stance with its battery breakthrough, industry experts anticipate that if this strategy works, Toyota would vault from the back of the pack to the very forefront of the race for battery powered vehicles.
Establishing its footprints in the larger green vehicle blitz, Toyota reported that it will soon debut the China electric vehicle market with electrified versions of its flagship cars, and then gradually expand its reach in the US, Japan, India, and Europe.