Toyota considers US and Japan ZEV assembly facilities

Edmund McMillan, Executive Vice President, Toyota said:

“While we have made some very strong accomplishments on reducing CO2 emissions and creating zero emission vehicles (ZEVs), the need for mass scale mass production of ZEVs is key to fully realize the potential of this technology”.

Toyota Motor Corporation (NYSE:TM) is considering expanding its own production facilities in Japan and the United States in order to manufacture a wide range of electric vehicles.

The company is considering seeking approval from authorities in the U.S. to build a battery factory and as many as three to four manufacturing plants in Japan in order to build and deliver EVs to the U.S. market.

These plans were approved by executive vice president of Toyota, Edmund McMillan at the Annual General Meeting (AGM) of Japan in Osaka this week.

The company has recently developed a hydrogen fuel cell vehicle (FCV) which will begin to be released this year in Europe and Japan. The lightweight fuel cell which runs on hydrogen, is now at an advanced stage of development. It is claimed that this FCV is the most powerful car on the market today and is the first car to have a 2,000 mile range.

The company is planning to launch an EV in U.S. market by 2021. The company will build cars based on the conventional Toyota Prius that is currently being sold globally.

While the company has said that it will focus its energies on producing EVs for its own sales, it has also pointed out that the vehicle will have a first-mover advantage in the EV market and that it will fuel better sales for other automotive manufacturers. It has also indicated its willingness to collaborate with other automotive companies including battery manufacturers.

Japanese government estimates suggest that 4m ZEVs will be sold in Japan in 2020, and that it will increase to 16m by 2030.

The total number of EVs sold by Japanese automakers is expected to increase from 50,000 last year to 300,000 in 2025. Japan supports the deployment of electric vehicles via a comprehensive system of incentives and subsidy.

This article was written by Toyota Financial Services and distributed by the Guardian News & Media Ltd.

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