Report Suggests Toyota Is Revising EV Strategy

As Toyota competes to close the gap with auto sector leaders Tesla and BYD in terms of performance and pricing, it is anticipated to make some adjustments to its EV strategy in the coming years, through 2026. Individuals who are familiar with the process said this while communicating with their major suppliers.

Toyota has long been searching for strategies to help the company compete with the anticipated electric vehicles on the market for the next 10 years. However, one of the individuals stated that the planned changes would unquestionably have an impact on the already scheduled programs over the next three years.

For instance, Toyota has been reviewing its $30-billion, three-stage plan for producing and selling electric vehicles since it was announced last year, according to Reuters. The company has put on hold some ongoing projects that were announced last year. At the same time, a group of company experts led by Shigeki Terashi are seeking to advance technology and enhance performance while reducing cost in the rapidly expanding electric vehicle market. This group is tasked with developing strategies to strengthen Toyota’s electric vehicle strategy, including taking into account the possibility of replacing e-TNGA as Toyota’s new platform for electric vehicles.

The timing of this change coincides with Toyota’s insistence that the fuel-hybrid market, which it helped establish with Prius, will continue to be a key component of the switch to carbon-neutral transportation.

This EV strategy that Toyota has come up with focuses mainly on the introduction of vehicles such as the BZ4x, the company’s sole fully electric vehicle and the first in a line of all-electric vehicles called Beyond Zero. Toyota has communicated to key suppliers that the second phase of its plan will span the next few years, with vehicles based on the new e-TNGA platform under development. Such changes will probably be described to suppliers in the following year at the earliest.

According to experts, Terashi and his team are currently debating whether to abandon the three-year-old e-TNGA design, which was developed by making changes to a fuel vehicle platform, in favor of an exclusive electric vehicle platform.

Toyota is already working with Denso and Aisin suppliers to expedite the development and application of the new thermal management system, even though the two suppliers were yet to respond.

The vast majority of large EV manufacturers believe that electric vehicle sales will have surpassed their expectations by the year 2030. As a result, investors and organizations interested in a clean environment have nudged Toyota to act quickly.

As Toyota revs up its EV plans, it will have to contend with startups such as Kandi Vehicle Technologies Group Inc. (NASDAQ: KNDI) that are focused on manufacturing only electric vehicles.

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