A massive investment by auto maker Toyota (TM) into an electric vehicle line speaks to the necessity of changing over key technology markets to function on renewable energies.
Tim Kelly for Reuters reports today that Toyota is poised to embark on a new program to promote the creation of BEV or battery electric vehicles.
If you are not up to speed on the meaning of this acronym, you’re not alone – the ‘battery electric vehicle’ refers to a vehicle that only uses battery power, and not some other supplementary source.
Going back to Toyota’s plan, it seems that the company is going to continue to offer hybrids and other options along with the BEV lineup.
“We want to leave all people with a choice, and rather than where or what we will focus on, we will wait a little longer until we understand where the market is going,” said Toyota CEO Akio Toyoda in a press statement.
Reporting shows the total 8 trillion Yen or $70 billion that Toyota plans to pour into the plan includes $1.29 billion for a new battery plant in North Carolina slated for opening in 2025.
Toyota is also working in the context of similar moves by its competitors, for example, where BMW recently booked one million electric vehicle sales.
“ (BMW) further adds its ambitious goals to reach 2 million sales by 2025,” writes Meghana Kandra at Techstory. “The 1 millionth record is including both hybrid and electric vehicles, but for 2025 the automakers aim to sell 2 million all-electric vehicles. Around 70% of the 1 million EVs sold were hybrid vehicles.”
Electric vehicles are likely to help guide the renewable technology market, so keep an eye out if you have holdings in this hot sector. If you remember Tesla’s activity over the last couple of years, that’s one illustration of how this auto technology moves markets.
