Toyota and Jeep parent Stellantis said separately they would build battery factories in the U.S., the latest in a string of big-ticket investments by auto makers looking to sell more electric cars
Toyota has been an EV skeptic compared with others in the industry, so its plans are an acknowledgment that pressure is building to develop and sell battery-powered cars.to sell by 2025. It doesn’t sell any mass-market EVs in the U.S. yet but plans to have the first model ready next year. By 2030, Toyota hopes to be selling around two million electric vehicles a year globally, a figure that includes those powered both by batteries and by hydrogen fuel cells.
Toyota’s competitors have bigger ambitions. GM plans to spend $35 billion on electric vehicles and battery plants through 2025. Stellantis, whose brands include Jeep, Ram and Chrysler, said it wouldover the same period. By contrast, Toyota’s new U.S. battery plant will initially concentrate on producing batteries for hybrid models.
Toyota CEO Akio Toyoda has criticized a push by governments around the world to ban or restrict the sale of gasoline-powered cars, saying it could cost millions of jobs and put the price of cars out of reach for most buyers. “I hear some politicians saying, ‘Let’s just make everything an electric car,’” Mr. Toyoda said at a September news conference in his capacity as head of Japan’s auto-industry association. “I don’t think that’s right.”Many car makers and suppliers echo Toyota’s fear aboutToyota has said it believes that over the next decade, the majority of its vehicles sold in the U.S. will be.
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