The Japanese automaker will allocate ¥8 trillion by 2030 in research and development and capital investment of electric, hybrid and fuel cell vehicles. The company has boosted its sales goal by 75%.

The investment plan will be unveiled by CEO Akio Toyoda today. Toyota announced in May a 2030 sales target of 2 million for the vehicles. The new plan reflects brisk demand for the vehicles in Europe amid increasing environmental regulations.

Based on the latest target, Toyota will invest around ¥2 trillion in the development of EV batteries – a 30% increase from a plan announced in September.

Toyota has invested ¥1 trillion each in R&D and capital investment each year. If it starts investing ¥2 trillion annually, half the money will go toward EV development by 2030.

During today’s news conference, Toyota is expected to unveil around a dozen of new models, including a new generation of EVs. This is likely to include a Lexus model, Yaris compacts and sport utility vehicles.

Toyota has often been criticised for being overly cautious about EVs, an image that CEO Toyoda looks to redefine.

The automaker will start selling its new pure-electric vehicles globally in 2022, starting with the bZ4X. By 2025, Toyota will launch 15 bZ models, including nine new cars.

In Japan, Toyota has already started marketing its compact EV C+pod for corporate customers.