Toyota will invest JPY 4trn (EUR 31.15bn) in developing electric cars ahead of 2030 to help achieve the company's goal to sell 3.5 million battery electric or fuel cell vehicles per year, reports finance media Nikkei, according to Bloomberg News.

The investment will be used to develop 15 models by 2025 and 30 EV designs up to 2030, and is also meant to ensure Toyota's ability to compete with the biggest market rivals like Tesla and Volkswagen.

"We believe that quickly adapting to changes in the future is more important than trying to predict the future, which is nothing but uncertain," said Chief Executive Akio Toyoda in a briefing, adding:

"We want to keep options available for our customers until the right path is known."

At the same time, Toyota's luxury car line, Lexus, will solely make electric cars in Europe and China before 2030, Toyoda says, as cited by Bloomberg.

Toyota has previously said it will only sell carbon-neutral cars in Europe from 2035.

Moreover, the company has invested roughly USD 1.3bn in a battery plant in US state North Carolina.

VW to invest EUR 2bn in battery production

Nissan unveils USD 18bn electric vehicle strategy