Japanese automaker Toyota Motor Corp. (TM) has announced a full lineup of electric vehicles and plans to manufacture next generation batteries to power them.
Toyota said it will develop and manufacture its electric vehicles and batteries through a new business unit called “BEV Factory” that the company has created.
The automaker added that it is aiming for a driving range of 1,000 kilometres for all its future electric vehicles. BEV Factory will produce 1.7 million vehicles a year by 2030.
Currently the Tesla Model 3 sedan has among the longest driving ranges of any electric vehicle at 570 kilometres on a single battery charge.
Toyota has a goal of achieving sales of 1.5 million electric vehicles per year by 2026 and selling 3.5 million battery-powered vehicles annually by 2030.
The company is also developing a method for mass producing solid-state batteries for electric vehicles and aims to commercialize the technology by 2028.
Toyota has been undergoing a shift to prioritize electric vehicle production under new chief executive officer (CEO) Koji Sato, who took over the company in April of this year.
Toyota’s stock was up 5% in premarket trading on news of the electric vehicle strategy. The company’s stock has declined 4% in the past 12 months to trade at $149.59 U.S. per share.