INTERNATIONAL - Toyota Motor Corp aims to have half of its global sales from electrified vehicles by 2025, five years ahead of schedule, and said it will tie up with Chinese battery makers to accommodate an accelerated shift to electric power.
The change illustrates both the breakneck growth in the electric vehicle (EV) market - which is transforming the global auto industry - and an acknowledgment by Japan’s top automaker that it may not be able to meet demand for batteries on its own.
There “may be a gap” between Toyota’s battery needs and what it could produce, as stringent emissions regulations expected in Europe, Japan and China fuel demand, Executive Vice President Shigeki Terashi told a briefing.
Toyota said on Friday that it would partner with leading Chinese battery maker Contemporary Amperex Technology Co Ltd (CATL), as well as Chinese EV maker BYD Co Ltd for supplies.
The automaker also announced an ultra-compact two-seater designed for daily errands and short-distance business trips, with a maximum speed of 60 km (37 miles) per hour and a range of 100 km on a single charge.