In a statement Toyota Motor Corp said it will unveil two new electric vehicles which will go on sale in the United States midst growing push by the Biden administration to cut vehicle emissions. The announcement pushed up the Japanese automaker’s shares.
Toyota also mentioned that it expects hybrid vehicles or electric vehicles to make up 40% of its U.S. sales by 2025 and expects the same to rise to 70% by 2030.
In 2022, Toyota will unveil a sport-utility vehicle as well as a plug-in hybrid electric vehicle.
The new vehicles for the U.S. market are “the first of many,” said Bob Carter, executive vice president of sales for Toyota Motor North America. “Electrification is the future of this industry. There is no doubt about that,” said Carter. “The only debate we have is that rate of change.”
According to Toyota forecasts, by 2025 electric vehicles will make up around 15% to 18% of vehicle sales in 2030.
In 2020, Toyota sold 337,000 hybrid vehicles in the United States, accounting for 16% of U.S. sales.