Toyota commits $70-billion investment, about half of it to shift into EVs by 2030

• Toyota aims to increase global sales of electric vehicles by 3.5 million units a year by 2030

• In the COP26 summit, the company declined to sign a pledge for electric vehicles by 2040

Japanese carmaker Toyota Motor Corp on Tuesday committed 8 trillion yen which is around $70 billion, to electrify its automobiles by 2030, half of it to develop a fully electric lineup, to tap on a growing market for zero-emission cars.

Chief Executive Akio Toyoda said the company aims to sell 3.5 million battery electric vehicles (BEV), or around a third of its current vehicle sales, by the end of the decade.