Toyota commits $70 billion to electrification but hesitant about battery-powered future
14 Dec 2021
Toyota Motor Corp is trading up 2.15% at 2045.00
Toyota Motor Corp on Tuesday committed 8 trillion-yen ($70 billion) to electrify its automobiles by 2030, half of it to develop a battery electric vehicle (BEV) line-up, as it looks to tap a growing market for zero-emission cars.
But the world’s biggest carmaker, which is a relative latecomer to full electric cars, said it expected annual BEVs sales to reach only 3.5 million vehicles by the end of the decade, or around a third of its current vehicle sales.
That is less than bigger rivals such as Europe’s No. 1 carmaker Volkswagen (DE:VOWG_p), which in July predicted that half of its global vehicle sales will be battery-powered cars by that date.
It comes as traditional automobile firms increasingly take on Tesla (NASDAQ:TSLA) Inc, which has become the most valuable carmaker this year. Tesla’s market value reached over $1 trillion in October, surpassing the combined value of Toyota, VW, Daimler AG (DE:DAIGn), Ford Motor (NYSE:F) and General Motors Co (NYSE:GM).
On technical fronts Toyota Motor Corp RSI stood at 49.14 and currently stock is trading below all MA. So, SELL position can be taken with following target and stoploss:
TRADE SIGNAL – : Toyota Motor Corp – SELL: 2044.99, TARGET: 2005.00, STOP LOSS : 2061.50