Toyota has announced plans to invest an additional $7.4 billion in electric vehicles through 2030, with a goal of selling 202,000 EVs by the end of the current fiscal year. This target is more than five times the number of EVs the automaker sold in the previous year and will help it move closer to its aim of shipping 1.5 million EVs in 2026 and 3.5 million in 2030. Toyota has been slower to embrace EVs than some of its competitors, preferring to focus on hybrid gas-electric cars. However, the company has committed to releasing 10 new EV models by 2026 and forming a new unit focused solely on fully electric cars.