Is Toyota's $13.6 Billion Plan to (Try to) Catch Tesla Too Late?

Toyota (NYSE: TM) plans to spend nearly $14 billion to develop batteries and battery supply chains for electric vehicles (EVs) between now and 2030, in a big bet that new technologies and the company's vast scale can cut battery prices by 30% or more from current levels. 

While Toyota is the world's leading seller of gasoline-electric hybrid vehicles, it has lagged rivals including Volkswagen (OTC: VWAGY) and General Motors (NYSE: GM) in committing to a lineup of fully electric products. 

That is finally changing, the company's chief technology officer, Masahiko Maeda, said in a briefing for investors and media last month. But is it too late?

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Source Fool.com