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https://www.wsj.com/articles/toyota-accelerates-ev-revamp-with-extra-7-billion-investment-b323eb1c

Toyota Accelerates Its EV Changes With Extra $7 Billion Investment

After slow start, automaker aims to more than quintuple sales this year

May 10, 2023 10:11 am ET

Converting gas cars into electric vehicles is becoming more common, with several companies offering ways to ‘upcycle’ classic cars and fleet vehicles. WSJ’s George Downs explores why retrofitting isn’t more widespread. Illustration: George Downs

TOKYO—Toyota Motor’s new management, looking to make up lost ground in electric vehicles, said it would add billions of dollars in spending to reach EV targets.

Toyota said Wednesday it would invest an additional ¥1 trillion, equivalent to $7.4 billion, in EVs through 2030, bringing Toyota’s total planned outlays for the period to around $37 billion.

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