How Toyota Fell Behind in Tapping EV Revolution

Toyota and its management have been staunchly opposed to electric vehicles for nearly two decades, until recently when the company has been signaling that it is getting serious about electric vehicles. Early this month, Toyota presented a vintage concept vehicle that runs entirely on batteries as well as a new hybrid model at the Tokyo Auto Salon. Last December, Toyota also revealed a strategy to bring five new emission-free cars to the market in Europe in 2026.

However, there is just one electric car available from Toyota as of now, and its sales are quite low. Hyundai and other rivals are using Toyota’s tardiness with electric vehicles as an opportunity to highlight their own clean-car triumphs, undermining the dominance of the Japanese auto industry giant.

This fall resulted from purposeful actions taken by Toyota’s management and not from the company’s careless economic mistake. To make matters worse, Toyota has combined its inability to innovate with a fierce determination to maintain its dominance as the most valuable automaker in the world by obstructing EV adoption.

Toyota’s first emission-free vehicle that is available almost everywhere across the world, the bZ4x, had a low production sprint, entered the American market recently (precisely last year), was the subject of a worrying recall safety notice, and eventually managed to sell a small number of models here—just a tiny fraction of the 800,000 electric vehicles sold domestically all through 2022. The bZ4x, however, received mixed reviews.

Despite the timeline setbacks, Toyota doesn’t intend to start scaling up the production of the bZ4x till 2025. Contrary to expectations, the automaker currently intends to pause its ongoing electric vehicle initiatives and restructure its sectoral overall plan in order to reduce the costs of production and draw inspiration from Tesla’s manufacturing methods.

Whereas Toyota has shown a desire to dialogue with its own opponents, it just hasn’t done much more to alter its approach, which is perhaps why environmental activists in Belgium and France as well as in Germany and the United Kingdom, vandalized several Toyota signboards last month during the Brussels Motor event. Instead of listening to the mob, Toyota’s top brass might pay attention to the investors and shareholders who are criticizing the company’s lobbying tactics and saying that EV manufacturing must be accelerated. Even its overseas opponents, who aren’t hesitant to speak it out, can do this.

The late entry of Toyota into the electric vehicle market could prove to be a speed hump for the company, especially if the company doesn’t become more enthusiastic regarding electric cars. It appears unlikely that their clients will keep the brand at heart for much longer.

The way things stand, Toyota’s mistake is likely to benefit startups such as Fisker Inc. (NYSE: FSR), which now have a chance to wrest customers from the auto giant that has dominated the industry for decades.

About Green Car Stocks

Green Car Stocks (GCS) is a specialized communications platform with a focus on electric vehicles (EV), as well as other emerging market opportunities in the green sector. The company provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to millions of social media followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, GCS is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, GCS brings its clients unparalleled visibility, recognition and brand awareness. GCS is where news, content and information converge.

To receive SMS text alerts from Green Car Stocks, text “Green” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.greencarstocks.com

Please see full terms of use and disclaimers on the Green Car Stocks website applicable to all content provided by GCS, wherever published or re-published: https://www.greencarstocks.com/Disclaimer

Green Car Stocks
Los Angeles, CA
www.greencarstocks.com
415.949.5050 Office
[email protected]

Green Car Stocks is part of the InvestorBrandNetwork.

Archives

Select A Month

Contact us: (310) 299-1717