Toyota Motor Corp plans to invest $2 billion to develop electric vehicles (EV) in Indonesia over the next four years, starting with hybrid vehicles. This was made known by Indonesia’s coordinating ministry for maritime affairs.

Toyota Motor Corp said it is beating time to tie up with Chinese battery makers to accommodate an accelerated shift to electric power. This means the automaker aims to have half of its global sales from electrified vehicles by 2025, five years ahead of schedule.

Toyota Motor Corporation will invest 52.6 million dollars in Myanmar to establish local subsidiary in June.

Japanese's Toyota Motor Corp and Honda Motor Co said they planned to tighten their belts in the years ahead to free up cash to develop electric cars and ride-sharing services, underscoring the hard task ahead as traditional automakers face a rapidly changing industry.

Toyota Motor forecast lower growth in operating profit for the current year on an expected drop in revenue and weaker vehicle sales in Japan and North America, underscoring the hard task ahead as it gears up to face a rapidly shifting industry.