WATCH: Toyota speeds up its electric vehicle plans

The automaker has been a front-runner in hybrid vehicles for more than a decade, and demand for these vehicles are still strong in global markets.

However, Toyota has been lagging significantly when it comes to electric cars, especially when compared to its rivals Nissan and Renault. The Japanese carmaker has assured it will be playing catch-up rather fast to produce electric vehicles.

But now Toyota is speeding up its plans for electric vehicles, saying half its sales will be electrified by 2025 - five years earlier than in previous targets.