Fri Jun 7, 2019, 12:22 PM

Toyota Speeds up Electric Vehicle Schedule as Demand Heats Up

By Kevin Buckland and Naomi Tajitsu
Reuters•June 7, 2019

TOKYO (Reuters) - Toyota Motor Corp aims to get half of its global sales from electrified vehicles by 2025, five years ahead of schedule, and will tap Chinese battery makers to meet the accelerated global shift to electricity-powered cars.

The change illustrates the breakneck growth in the electric vehicle (EV) market, which is transforming the auto industry, and is also an acknowledgment by Japan's top car maker that it may not be able to meet demand for batteries on its own.

Toyota is now faced with a higher-than-expected demand for cars that use batteries, rather than gasoline, Executive Vice President Shigeki Terashi told a briefing on Friday.

Also, increasingly stringent emissions regulations require more lithium-ion batteries in the next five years than the automaker plans to produce, he added.

"We consider ourselves as a maker of electric vehicle batteries, going back to when we developed the battery for the Prius," he said, referring to the pioneering gasoline hybrid.


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