On Wednesday, Subaru (OTC:FUJHY) made an announcement outlining their ambitious goal of achieving annual sales of 600,000 battery electric vehicles (BEVs) by the year 2030. This impressive target is set to account for 50% of the company's total global sales volume.
The company said it would aim to sell 400,000 battery EVs in the United States in 2028, and expand its battery-powered lineup to eight models by the end of that year.
The company also plans to invest around $10.5 billion into electric vehicles by the start of the next decade.
"The coming five years to 2028 are a really important period for us to realize those goals," said Subaru CEO, Atsushi Osaki.
The company had previously aimed to have BEVs and hybrids make up two fifths of global sales by 2030.
Subaru currently builds its first mass-produced EV, known as the Solterra, at Toyota 's Motomachi facility. The company has plans to unveil three additional EV models by the end of 2026, followed by an additional four models in 2028.
Subaru, a fifth owned by Toyota Motor Corporation (NYSE:TM), is anticipated to kick off battery EV production in the United States around 2027 or 2028, Osaki said, a move aligned with the growing trend of U.S. consumers rapidly transitioning to electric vehicles.