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Toyota to invest $13.3bn in electrified vehicle batteries by 2030

Automaker plans to phase out models with only combustion versions by 2025

Toyota plans to expand its lineup for both fuel cell vehicles such as the Mirai and electrified vehicles.

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.

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