Toyota is gearing up to join the electrified vehicle party, announcing a plan to introduce electrified versions of every Toyota and Lexus model it sells by 2025. That will help the automaker sell more than 5.5 million electrified vehicles by 2030, including more than 1 million battery electric or fuel cell vehicles a year.

The plan builds on the Toyota Environmental Challenge 2050 commitment announced in October 2015, which set the goal of reducing the average CO2 emissions of its vehicles by 90 percent from 2010 levels. Toyota's electrified vehicle strategy will help it meet that goal. The automaker will continue to develop traditional hybrid cars and hydrogen fuel cell vehicles, and it will increase its commitment to plug-in hybrids and battery electric vehicles.

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Toyota says that every one of its models sold under the Toyota or Lexus banner around the world will offer an electrified variant by 2025. By the early 2020s, Toyota will offer more than 10 battery electric models worldwide. The pure electric offerings will roll out first in China, where demand for electric cars is booming, before spreading to other markets including the U.S., Japan, and Europe. The automaker will also expand its plug-in range by the early 2020s, and it will continue rolling out models using a further development of the Prius' Toyota Hybrid System II drivetrain. Toyota is also looking into both more powerful and simpler versions of the system.

Confirming previous reports, Toyota is conducting a feasibility study on a joint prismatic battery business with Panasonic. Though some might wonder why it has taken so long for Toyota to get on the battery electric bandwagon, the automaker says it has been busy developing solid-state batteries for use in its next-gen EVs of the 2020s. Getting a leg up on battery technology could give the automaker an edge in the next decade.