Toyota says all its cars will have an electric or hybrid option by 2025

CNBC
Updated
The Japanese firm is targeting 5.5 million annual sales of electric vehicles by 2030

The Japanese car company Toyota (7203.T-JP) has pledged that its entire fleet will be available in an electric or hybrid version by 2025.

In a press release Monday, Toyota Motor Company said it also wanted electrified cars to account for more than half of group sales by 2030, with a volume target of around 5.5 million cars a year. Toyota also said it will have more than 10 different pure battery electric cars for sale from 2020, with China the first target market.

The company said it will then expand that electric vehicle range into Japan, U.S., Europe, and India on a "gradual" basis.

The automaker added that by 2025 it will no longer develop any Toyota or Lexus branded car that doesn't offer a "dedicated electrified model or have an electrified option."

Toyota said it was also working with Panasonic to reduce the weight and cost of batteries. It said it expected "next-generation solid-state batteries" should be commercially available by 2020.

According to data supplied by the International Organization of Motor Vehicle Manufacturers (OICA), Toyota was 2016's largest car producer, accounting for more than 10 million vehicles.

The company itself said to date it has produced more than 11 million vehicles that use electric technology. Toyota shares ended the Japanese trading session 2.8 percent higher on Monday.