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Toyota to spend $35 billion on electric cars over next eight years

The automaker has faced criticism in recent years, but some owners still praise its vehicles

Toyota sign
Photo (c) JHVEPhoto - Getty Images
Toyota has decided it wants to be in the electric vehicle market conversation and is prepared to spend $35 billion to make its voice heard.

At a press conference in Tokyo on Tuesday, Toyota President Akio Toyoda said the company plans to build as many as 30 new models in the next eight years, with a goal of putting 3.5 million a year in the hands of car buyers by 2030. If Toyota can pull that off, its EVs would equal slightly more than a third of the company's total sales last year.

That $35 billion investment and timeframe match efforts made by General Motors, Tesla, Volkswagen, Ford, and others. VW may not be too happy about the news because Toyota overtook it as the largest carmaker in 2020. Earlier this year, Toyota announced that it was planning to invest $13.5 billion toward developing electric vehicle battery tech. VW responded by saying it would also increase its investment in electric vehicles.

Consumers praise Toyota's vehicles

Although Toyota has lost ground in recent customer satisfaction surveys, many Toyota owners continue to praise the company’s vehicles for their durability and long-term value.

“In my life I've had Chevys, Fords, AMC and Nissan along with Toyota. Today's cars and trucks are not made to last. You would be lucky to get 75,000 to 100,000 miles of trouble free use out of America[n] cars. Very sad. Seem we made them for the masses,” Lawrence of Florence, Ariz., wrote in a ConsumerAffairs review.

Lawrence said he found that as long as you take care of your Toyota, your Toyota will take care of you. “You can very easily run it for 300,000 to 500,000 miles. Which is why I buy them. I got 350,000 mile out of my last Corolla and now I have a Tacoma that has 130,000 miles and still runs great and along with that everything still works on the truck.”

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