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UPDATE 1-Toyota to unveil two new EVs for U.S. market that will go on sale in 2022

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David Shepardson
·2 min read
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(Adds Toyota stock price, more details)

By David Shepardson

WASHINGTON, Feb 10 (Reuters) - Toyota Motor Corpsaid on Wednesday it will unveil two new electric vehicles thatwill go on sale next year in the United States amid a growingpush by the Biden administration to cut vehicle emissions,sending the Japanese automaker's shares soaring.

The company also said it expects that 40% of its U.S. salesby 2025 will be hybrid vehicles or electric vehicles, rising to70% by 2030. One of the new EVs next year will be asport-utility vehicle and Toyota will also unveil a new plug-inhybrid electric vehicle. Toyota said in 2017 it would marketmore than 10 electric vehicles globally in the early 2020s.

The new vehicles for the U.S. market are "the first ofmany," Bob Carter, executive vice president of sales for ToyotaMotor North America.

"Electrification is the future of this industry. There is nodoubt about that," Carter said. "The only debate we have is thatrate of change."

Toyota forecasts by 2025 that industry sales will be 7%electric vehicles rising to around 15% to 18% in 2030.

In 2020, Toyota sold 337,000 hybrid vehicles in the UnitedStates, accounting for 16% of U.S. sales, and hybrids will growto more than 20% this year as it adds more hybrid versions.

Toyota shares rose more than 5% on the news in New Yorktrading.

There is growing interest in EVs in the industry.

General Motors said last month it was setting anaspirational goal to sell all its new cars, SUVs and lightpickup trucks with zero tailpipe emissions by 2035, a dramaticshift.

Barra on an earnings call Wednesday expressed optimism aboutthe 2035 goal.

"There's not one big factor that's going to hold us up. Wehave all the assets to achieve this. We've got to solve issuesand win customers, but I think we're well positioned to dothat," Barra said.(Reporting by David ShepardsonEditing by Alistair Bell)