Toyota is reportedly "scrambling" to keep up with Tesla.
ToyotaToyota has been one of the most vocally skeptical EV car brands. But the brand made a giant about-face late last year, releasing a smorgasbord of new EV projects to whet automotive enthusiasts’ appetites. And according to a Reuters report, Toyota is considering another major transition that could pivot the brand further toward EV production.
Market conditions have forced Toyota to “scramble.” Basically, the Japanese brand bet that EV adoption would take decades and leaned into technologies like hybrid engines and hydrogen. But instead, Toyota may be facing a situation where more than half of new vehicle sales will be electric by 2030. And Toyota is well behind competitors like Hyundai and Volkswagen.
Per the report, Toyota is considering revamping its EV production to be more efficient and better compete with brands like Tesla. The overhaul could require the development of a new dedicated EV platform to replace the current e-TNGA platform underpinning new EVs like the bZ4X.
Shifting gears on the EV front would position Toyota better long-term to compete in a brave new marketplace. But according to Reuters, it could slow down the development of EVs that Toyota is currently trying to bring to market. Two mentioned in particular are the Compact Cruiser off-roading crossover and an all-electric version of the new Crown sedan.
It’s not clear yet how Toyota’s decisions would affect the timeline for the new electric “Pickup EV,” which is expected to be an electric version of the 2024 Tacoma.
Toyota strengthening its EV hand would also improve the brand’s public relations. Instead of positioning itself as a leader in the industry, Toyota has been seen as more of a retrograde actor, lobbying against EV-friendly legislation in both Japan and the United States. That state of affairs has squandered much of the goodwill with environmentalists Toyota earned by launching the Prius in the 2000s.
Keyword: Massive Toyota Strategy Shift Could Delay Some Cool New EVs