Leaders.com
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
Business Toyota EVs

Toyota is increasing its investment in EV production, though its emphasis on hybrid models continues. (Photo by Peerapon Boonyakiat/SOPA Images/LightRocket via Getty Images)

By Hannah Bryan Leaders Staff

Hannah Bryan

News Writer

Hannah Bryan is a news writer for Leaders Media. Most recently she was a reporter for the Sanilac County News...

Full bio


Learn about our editorial policy

May 16, 2023

Coming Soon: More Toyota EVs

Japanese automaker Toyota is playing catch up with its electric vehicle (EV) investment as it announces billions of dollars in increased spending.

Key Details

  • Last week Toyota announced $7.4 billion in additional EV development spending through 2030. 
  • The new funding brings Toyota’s total planned spending on the projects to $37 billion. 
  • Toyota has plans to sell 202,000 EVs in the year ending March 2024—quintupling its sales from the previous year, The Wall Street Journal reports. 
  • If Toyota hits this goal, it will be closer to its previous target of 1.5 million EVs shipped by 2026 and 3.5 million by 2030.

Why it’s news

Toyota offered the first large-scale EV when it unveiled the hybrid Prius nearly 25 years ago. But it has not remained on the vanguard of EVs.

Though other automakers have raced to develop lines of EVs, Toyota has been relatively slow to ramp up its production. Instead, the company has focused on building up its line of hybrid gas-electric vehicles it started offering in the 1990s.

Even with its plans to increase EV investment, Toyota still plans to sell around 3.6 million hybrids this year—more than its 2030 target for EVs.

Toyota’s habit of investing in several spaces rather than throwing all of its efforts into one sector can be traced back to its longtime president Akio Toyoda, now company chairman. New Toyota president Koji Sato is so far following his predecessor’s strategy of investing in hybrid vehicles first. These high-margin products can produce cash which can be redirected into EV investments, The Wall Street Journal reports.  

EVs are growing more popular globally, likely incentivizing Toyota’s increased focus on developing the line of vehicles. 

“Toyota will seek to provide optimal solutions at an accelerated pace without wavering from our multipathway approach,” Sato says.

Last month, Toyota announced that it planned to release 10 EV models by 2026. A new division within the company will focus entirely on producing EVs. 

Still, Toyota Vice President Hiroki Nakajima agreed with other industry leaders, saying that EVs will continue to have low margins until batteries can be made more affordable. Toyota’s multifaceted approach will likely allow them to maintain profitability while investing in the future. 

Home / News / Coming Soon: More Toyota EVs
Share
FacebookTweetEmailLinkedIn

Related Stories

Seattle Takes The Crown For Advanced Tech Talent

by PJ Howland Leaders Staff
Tech

Oct 24, 2023

Seattle tech talent

Seattle has emerged as the metro area with the most advanced tech talent, beating out tech hubs like San Francisco and Silicon Valley.

Key Details

  • According to a new ranking by the Burning Glass Institute, Seattle has the highest proportion of advanced tech workers compared to other cities with similarly sized tech workforces.
  • The ranking evaluated 60 million high-paying, in-demand tech job postings and histories to identify cities with cutting-edge roles like AI and cybersecurity rather than legacy tech positions.
  • With tech giants Amazon and Microsoft headquartered in Seattle, the city edged out the San Francisco Bay Area, Boston, Austin, and Raleigh on the list.
  • The report found that demand for software developers and IT support specialists has declined over the past five years as companies seek more specialized tech talent.

Go deeper

FacebookTweetEmailLinkedIn

More Americans Can’t Keep Up With Car Payments

by Colin Baker Leaders Staff
Loans and Borrowing

Oct 23, 2023

car loans, used cars

A record number of Americans are behind on their car loan payments as higher interest rates and prices weigh on consumers.

Key Details

  • According to data from Fitch Ratings, 6.11% of car loans were at least 60 days delinquent in September, the highest since tracking began in the early 2000s.
  • Some interest rates on used cars can rise to as much as 21%, according to Bankrate.
  • Soaring prices and rising interest rates are squeezing consumers, making it difficult for some to keep up with their auto loans.

Go deeper

FacebookTweetEmailLinkedIn

Chevron Makes $53 Billion Deal Amid Surging Gas Prices

by PJ Howland Leaders Staff
Markets

Oct 23, 2023

Chevron Gas Deal

Chevron is acquiring Hess Corp. for $53 billion, the second significant oil producer acquisition this month as crude prices climb.

Key Details

  • Chevron is purchasing Hess in an all-cash deal worth $53 billion, including debt and preferred stock redemption.
  • This comes just weeks after ExxonMobil announced its $59.5 billion purchase of Pioneer Natural Resources.
  • With oil over $80 per barrel, major producers are using their windfall profits to acquire smaller players and boost payouts to shareholders.
  • Chevron expects the deal to close in H1 2023 pending regulatory approvals and Hess shareholder vote.
  • Hess CEO John Hess will join Chevron's board once the acquisition is complete.

Go deeper

FacebookTweetEmailLinkedIn
nike logo
Company Culture

Oct 20, 2023

Nike to Require More In-Office Days From Employees

by Colin Baker Leaders Staff
blue collar workers
Retirement

Oct 20, 2023

Explaining The ‘C+ Grade’ Retirement Ecosystem in The United States

by PJ Howland Leaders Staff
netflix building
Entertainment

Oct 19, 2023

Netflix Hiking Prices While Adding Millions of Subscribers

by Colin Baker Leaders Staff

Recent Articles

Hiring

Nov 1, 2023

Learn the Winning Answers to the Most Common Phone Interview Questions

Come to your next phone interview fully prepared

Personal Growth

Oct 30, 2023

85 Quotes on Self-Love to Boost Your Self-Esteem

Don’t fall into the trap of harsh self-criticism

Company Culture

Oct 27, 2023

What is a Sabbatical? Your Ticket to Restful Growth and Meaning

Sabbaticals can benefits both employees and businesses

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2025 Leaders.com - All rights reserved.

Search Leaders.com