Toyota Looks to Advance Hybrid Technology with $7 Billion Investment

Ever since the launch of the first generation of Priuses in 1997, when Toyota introduced the notion of hybrid technology as a means of powering vehicles in a much more environmentally friendly manner, hybrids have become the core of the green revolution in the motor vehicle industry.

Since the beginning Toyota has sold over 3 million Priuses around the world, with the majority in North America (1,335,000) and Japan (1,325,000). In total Toyota had sold 123,000 by 2003; 1,192,000 by 2011; 1,688,000 by 2009; and then 3,002,000 by 2013.

Toyota Prius. (TARINGA)

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Nobuyuki Negishi, Chief Representative of Middle East & North Africa Representative Office for Toyota, said“the sustained growth in sales of the Prius signifies the success of TMC in addressing the need for hybrid vehicles from environmentally conscious customers. With our state-of-the art- technology and hybrid car expertise, we will continue our emphasis on environmental technologies to build the best vehicles for our customers.”

Following the success of the Prius, Toyota Motor Corporation has decided to invest 790 billion yen (about $7 billion) on furthering hybrid technology research and development over the fiscal year ending March 2014.

Downtown in Toyota City. (Wikipedia)

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In the same year the Japanese car company will make consolidated capital expenditure investments of nearly $9 billion. Part of the money will go towards a 651 hectare research and development facility, and Powertrain Development and Production Engineering Building in Toyota City, (a 12-story structure with a total floor area of 100,000 m²).

By. Joao Peixe of Oilprice.com