Toyota Motor Corp. (NYSE: TM) announced on Wednesday three new electric vehicles set to be released this year as the race for auto manufacturers to produce EVs is full charge ahead amid the Biden administration’s push to cut emissions after rejoining the Paris Agreement last month.

What Happened: The Japanese automakers' three new models will include two battery electric vehicles (BEVs) and a plug-in hybrid (PHEV). In contrast to its competitors, Toyota also said it planned to raise its production levels as it has stockpiled four months' worth of chips amid a global semiconductor shortage.

Competitors Nissan Motor Co Ltd (OTC: NSANY) and Honda Motor Co Ltc (NYSE: HMC) have recently cut output projections due to the shortage of chips available for their EVs.

What’s More: Toyota also confirmed its e-TNGA platform for EVs was being developed to allow for flexibility in driver configurations across its fleet.

Why It Matters: By 2025, Toyota’s goal is to have 40% of new vehicle sales be electrified models, and by 2030 expects that to increase to nearly 70%, Toyota said in the press release.

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(Photo: Toyota)

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