Toyota Motor Corp. aims to have half of its global sales come from electrified vehicles by 2025, five years ahead of schedule, and has said it will tie up with Chinese battery-makers to accommodate an accelerated shift to electric power.
The change illustrates both the breakneck growth in the electric vehicle (EV) market — which is transforming the global auto industry — and an acknowledgment by Japan's top automaker that it may not be able to meet demand for batteries on its own.
There "may be a gap" between Toyota's battery needs and what it can produce, as stringent emissions regulations expected in Europe, Japan and China fuel demand, Executive Vice President Shigeki Terashi told a briefing.