Global Economic Intersection
Advertisement
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
Global Economic Intersection
No Result
View All Result
Home Business

Toyota Races For EV Reboot With Focus On Tesla

John Wanguba by John Wanguba
October 26, 2022
in Business
0
0
SHARES
34
VIEWS
Share on FacebookShare on Twitter

Toyota (7203.T) is considering a reboot of its electric-car strategy to better compete in a burgeoning market it has been slow to penetrate, and has stopped some work on existing EV projects, four people familiar with the still-developing plans said.

Toyota cars are seen at a briefing on the company's strategies on battery EVs in Tokyo

The proposals under evaluation, if approved, would amount to a significant shift for Toyota and amend the $38-billion EV rollout plan the Japanese automaker announced in 2021 to better compete with the likes of Tesla (TSLA.O).

A working group within Toyota has been entrusted with formulating plans by early 2023 for improvements to its existing EV platform or for a new architecture, the four sources said.

In the meantime, Toyota has halted work on some of the 30 EV projects announced in December, which according to sources and a document reviewed by Reuters include the battery-electric Crown and Toyota Compact Cruiser crossover.

Toyota said it was devoted to carbon neutrality but refused to comment on specific initiatives.

The company said in response to questions from reporters.

“In order to achieve carbon neutrality, Toyota’s own technology – as well as the work we are doing with a range of partners and suppliers – is essential.”

These four sources refused to be named because the plans have not been announced.

The revamp under consideration could slow the launch of EVs already on the drawing board. But it would also offer Toyota a chance to compete with a more efficient manufacturing process, as industry-wide EV sales exceed Toyota’s previous projections.

In addition, it would deal with criticism by environmental groups and green investors who argue that Toyota, once a darling of environmentalists, has been too slow to adopt electric vehicles. As part of a review, Toyota is considering a successor to its EV-building technology called e-TNGA, which rolled out in 2019. That would enable Toyota to cut down costs, the people said.

The first EV developed on e-TNGA — the bZ4X crossover — was released into the market earlier this year although its rollout was ruined by a recall that forced Toyota to halt production from June. Production resumed earlier in October.

Toyota FT-4X Concept Based SUV To Challenge Jeep Wrangler

Tesla As A Benchmark For Toyota

The review was prompted in part by the realization by some Toyota executives and engineers that Toyota was losing the factory cost war to Tesla on EVs, the sources said.

Toyota’s planning had supposed demand for EVs would not boom for several decades, the four people said.

Toyota developed e-TNGA so that EVs could be built on the same assembly line as hybrids and gasoline cars. That made sense formed on the assumption Toyota would require to sell about 3.5 million EVs a year – almost a third of its current global volume – by 2030 to remain competitive, the sources said.

But sales of EVs are rising faster. Automakers globally now predict plans for EVs to make up more than half of total vehicle production by 2030, part of a wave of industry-wide investment that now amounts to $1.2 trillion.

Toyota’s former chief competitive officer Shigeki Terashi is conducting the automaker’s EV review, according to six people with knowledge of the work, including two people immediate to Toyota. Terashi failed to reply to a request for comment.

Terashi’s team has been classed as a “BR” or “business revolution” group within Toyota, a term used for significant changes including a revamp of its production and development processes twenty years ago.

“What’s driving Mr. Terashi’s effort is the EV’s faster-than-anticipated takeoff and rapid-fire adoptions of cutting-edge innovations by Tesla and others,” one of the people said.

All six individuals refused to be identified because of the confidential nature of the plans. Terashi’s team is looking at an option to extend e-TNGA’s usefulness by combining it with new technologies, three of the sources said.

Terashi could also suggest retiring e-TNGA sooner and going for an EV-dedicated platform built from the ground up. That could take about five years for new models, two of the sources said. “There is little time to waste,” said one.

Toyota is working with suppliers and contemplating factory innovations to cut down costs like Tesla’s Giga Press, a massive casting machine that has simplified work in Tesla plants.

One area under review is a more thorough approach to an EV’s thermal management – combining, for example, electric powertrain temperature control and passenger air conditioning – that Tesla has already mobilized, the sources said.

Buy Bitcoin Now

This could enable Toyota to decrease the size and weight of an EV battery pack and reduce costs by thousands of dollars per vehicle, making it a “top priority” for Toyota suppliers Aisin and Denso, one of the sources with knowledge of the matter said. Aisin (7259.T) and Denso (6902.T) had no immediate comment.

The recognition within Toyota, the world’s leading automaker, that Tesla has imposed a new benchmark for EV manufacturing costs marks a serious reversal.

A decade ago when Toyota acquired a stake in Tesla and the two worked together to build a battery-electric version of the RAV4, most Toyota engineers thought Tesla’s technology was no threat, two of the sources said.

“They concluded back then there wasn’t much to learn,” one of the sources said.

Toyota halted production of the electric RAV4 in 2014 and sold its stake in Tesla in 2017.

By 2018, when Toyota finally set up a dedicated zero-emissions division and started developing an e-platform, Tesla already had three models on the road.

Tags: auto industrybusinesselectric vehiclesinvestmentTeslaToyota
Previous Post

US Mortgage Interest Rates Spike To 7.16%, Highest Since 2001

Next Post

Oil Giant Schlumberger Rebrands Itself As SLB For Low-Carbon Future

Related Posts

How First Republic's Befriending Of The Wealthy Led To A Crisis
Business

How First Republic’s Befriending Of The Wealthy Led To A Crisis

by John Wanguba
March 31, 2023
What Does CFTC's Lawsuit Against Binance Mean For Coinbase?
Business

What Does CFTC’s Lawsuit Against Binance Mean For Coinbase?

by John Wanguba
March 31, 2023
World Bank Cautions Of 'Lost Decade' In Global Growth Without Drastic Policy Shifts
Business

World Bank Cautions Of ‘Lost Decade’ In Global Growth Without Drastic Policy Shifts

by John Wanguba
March 28, 2023
Virgin Orbit Extends Employee Furlough, Funding Talks Ongoing – CEO
Business

Virgin Orbit Extends Employee Furlough, Funding Talks Ongoing – CEO

by John Wanguba
March 28, 2023
Lebron James And Several Other Celebs ‘Effectively Wiped Out’ As Fitness App Tonal Loses 90% Value
Business

Lebron James And Several Other Celebs ‘Effectively Wiped Out’ As Fitness App Tonal Loses 90% Value

by John Wanguba
March 28, 2023
Next Post
Oil Giant Schlumberger Rebrands Itself As SLB For Low-Carbon Future

Oil Giant Schlumberger Rebrands Itself As SLB For Low-Carbon Future

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin adoption Bitcoin market Bitcoin mining blockchain BTC business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe finance FTX inflation investment market analysis Metaverse NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • August 2010
  • August 2009

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized
Global Economic Intersection

After nearly 11 years of 24/7/365 operation, Global Economic Intersection co-founders Steven Hansen and John Lounsbury are retiring. The new owner, a global media company in London, is in the process of completing the set-up of Global Economic Intersection files in their system and publishing platform. The official website ownership transfer took place on 24 August.

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Recent Posts

  • How First Republic’s Befriending Of The Wealthy Led To A Crisis
  • How Is Donald Trump’s Indictment Affecting The Crypto Space?
  • What Does CFTC’s Lawsuit Against Binance Mean For Coinbase?

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

No Result
View All Result
  • Home
  • Contact Us
  • Bitcoin Robot
    • Bitcoin Profit
    • Bitcoin Code
    • Quantum AI
    • eKrona Cryptocurrency
    • Bitcoin Up
    • Bitcoin Prime
    • Yuan Pay Group
    • Immediate Profit
    • BitIQ
    • Bitcoin Loophole
    • Crypto Boom
    • Bitcoin Era
    • Bitcoin Treasure
    • Bitcoin Lucro
    • Bitcoin System
    • Oil Profit
    • The News Spy
    • British Bitcoin Profit
    • Bitcoin Trader
  • Bitcoin Reddit

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

en English
ar Arabicbg Bulgarianda Danishnl Dutchen Englishfi Finnishfr Frenchde Germanel Greekit Italianja Japaneselv Latvianno Norwegianpl Polishpt Portuguesero Romanianes Spanishsv Swedish