Toyota is mulling its third electric-vehicle reboot in 13 months. Frequent rejigs can mean bigwigs are flailing for ideas. But its latest overhaul implies boss Akio Toyoda is addressing missteps with more speed, says AntonyMCurrie
, to leave it in the dust. That’s because the manufacturer run by Akio Toyoda assumed that it would take decades for demand for EVs to rev up, sources told Reuters.
Electric-vehicle sales, especially in the past two years, have put the lie to that belief; growth has easily outpaced that of Toyota’s hybrids. To his credit, Toyoda responded quickly. In two separate announcements three months apart last year he committed a total of $35 billion with the goal of producing 4 million pure EVs a year by 2030.It’s still shy of what rivals have pledged to spend.
Elon Musk’s Tesla is miles ahead, both in developing new battery technology and in keeping costs down. The company on Mondayof its basic Model 3 and Model Y in China by 9%, tying the reduction to lower supply chain expenses – though analysts reckon it’s a sign of price wars as the Chinese economy falters, as Musk himself warned last week.
The plan would involve slowing down the rollout of electric vehicles already in development so that Toyota could devise a more efficient manufacturing process. That would ultimately allow the company to sell more battery-powered vehicles at a lower cost of production. Toyota has already suspended work on some of the 30 EV projects it unveiled in December, per Reuters, including the Toyota Compact Cruiser crossover and the battery-electric Crown.Editing by Robyn Mak and Thomas ShumOpinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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