GENEVA:Toyota spent €5.8 billion on research and development last year, nearly €660,000 per hour.
Katsuaki Watanabe, president of Toyota Motor Corporation, announced details of the firm's R&D spend as it launched the latest innovation in the motoring world, a three-plus one microcar called the IQ, due to go on sale early next year.
The car was launched at this month's Geneva motor show. Mr Watanabe confirmed Toyota was investigating all future forms of power sources for motoring, from more efficient engines to fuel cell technology. For example, it is currently testing a plug-in hybrid vehicle.
