TOKYO -- Toyota Motor announced on Monday that it plans to invest 1.5 trillion yen ($13.3 billion) in the development and production of batteries for electrified vehicles by 2030, as well as phase out models which are only available with internal combustion engines by around 2025.
With China and other major markets pushing for electrification due to environmental concerns, Toyota, one of the top automakers in the world, has often been criticized for not embracing the trend quickly enough.
