Electric Lexus

Toyota president Akio Toyoda on Tuesday announced a $70 billion plan to electrify the automaker's lineup, which includes making Lexus an all-electric brand by 2035.

By 2030, the project will see the launch of 30 battery electric vehicles under Toyota's brands, about a third of its global fleet, and will also include hybrids, hydrogen fuel cells and hydrogen-powered internal combustion engines.

The automaker has previously explained that an all-electric system is not yet suitable for certain customers, such as those who live in urban areas and do not have a home charging system.

Ford CEO Jim Farley said last week that he sees continued restrictions on electric vehicle adoption among rural drivers and people who have been towing long distances for years, so the company has not set a hard date for the switch to all-electric.

Toyota spoke in front of 16 concept cars, which included an electric Tacoma pick-up and an SUV inspired by the classic FJ40 Land Cruiser.

Among them was a Lexus called the Electrified Sport, which is predicted to accelerate to 60mph in 2 seconds and cover over 430 miles without recharging.

Toyota's first large battery-powered model for the US, the bZ4X crossover, will go on sale in the US next year. It will also invest $1.29 billion to build a battery plant in North Carolina.