Toyota is well known for its hybrids, but the company is about to up its investment in full electric vehicles according to a report carried by the Nikkei news agency.
The report said that Toyota intends to start mass-producing electric vehicles by 2020 and will create a dedicated in-house team for planning and development as soon as the new year. Toyota will seek cooperation from group companies to start production quickly, the report said.
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Toyota aims to develop an EV that can run more than 300km on a single charge. The platform for models such as the Prius hybrid or Corolla sedan is being considered for use in building an electric sport utility vehicle, Nikkei reported.
It also said Toyota will boost the development of batteries through the company's battery material research department, but will also consider buying in technology if that keeps costs down.
The report added that the EV launch timetable for Toyota coincides with the 2020 Tokyo Olympics, but the vehicle also would be 'released in key markets where governments are pushing for EV adoption'.
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