This Massive Automaker Just Committed $35 Billion to Its EV Arm
In this clip from Motley Fool Live, recorded on Dec. 14, Motley Fool contributor John Bromels discusses the sharp shift in direction Toyota has taken following its announcement to invest in BEVs.
John Bromels: Toyota (NYSE:TM) President Akio Toyoda announced an investment of 4 trillion yen. It's about $35.2 billion in battery electric vehicles between 2022 and 2030, including 30 new battery electric vehicle models by 2030. The reason this is a big deal is because Toyota had its early success in hybrids and had really been the one automaker that was doubling down on hybrids and had announced a bunch of new models, which they kept saying, we are announcing a bunch of new EV models. In fact, they said all of our new models that we are releasing in the United States for 2022 are going to be electric vehicles but none of them were battery electric vehicles. This was all hybrid vehicles that they were going toward.
Source Fool.com
