After Nissan, Toyota now announces it will spend $24 billion to release 30 EVs by 2030

Toyota's CEO Akio Toyoda has just announced that the company will accelerate its EV car efforts by releasing 30 electric cars by 2030 rather than its initial goal of 15 by 2025.

Interestingly, this announcement comes just weeks after Nissan announced that it will spend US$18 billion (S$24 billion) to accelerate the electrification of its fleet.

Also interesting is that Akio Toyoda once said that electric cars are overhyped and warned that getting rid of all gasoline cars and converting them to EVs could cause more harm than good.

It would seem then that Toyoda has had a change of mind or perhaps he is feeling pressured. At any rate, Toyota announced that it will invest US$17.6 billion in battery vehicle technology and that Lexus will be an EV-only brand by 2035.

Toyota didn't release many details about its new electric cars except to say that it will produce a variety of EVs including SUVs, sedans, a small roadster, and even an electric version of the LFA.

This unnamed electric supercar would have a range of around 700km and it will get from 0 to 100km/h in under two seconds.

This article was first published in Hardware Zone.