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Toyota aims to sell 3.5m EVs in 2030, shedding laggard image

Japanese carmaker's top Lexus models will be 100% electric by 2035

Toyota Motor CEO Akio Toyoda tells reporters on Dec. 14 that the company's top Lexus marque is going all electric. (Photo by Koji Uema)

TOKYO -- Toyota Motor will sell 3.5 million electric vehicles globally in 2030 and market 30 different electric models, the company announced on Tuesday.

The Japanese automaker will allocate 8 trillion yen ($70.4 billion) by 2030 to research and development as well as capital investment in electric, hybrid and fuel cell vehicles. Half of this will be spent on electric vehicles, the first time that Toyota has earmarked funding specifically for this purpose.

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