Toyota, the world’s largest automaker, has long been criticized for its lack of commitment to electric vehicles. However, with the recent change in leadership, the Japanese conglomerate seems to be turning over a new leaf. The new CEO, Koji Sato, has released an ambitious EV strategy that is reminiscent of Tesla CEO Elon Musk’s master plan.
Sato’s three-step strategy aims to cover lost ground and significantly enhance productivity and profitability by 2030. According to Automotive News, Toyota is in the first stage of the plan, which includes the bZ4X. This electric SUV did not get off to a great start, but Toyota claims to have learned from its missteps.
In the second phase, which begins in 2025, Toyota will complete a new EV platform and build up its production capacity globally to 1.5 million units annually. The company will also introduce a new automotive operating system named Arene, being developed by its software subsidiary Woven by Toyota. Additionally, Toyota plans to launch ten new EV models by 2026.
The final phase of the plan kicks in when Toyota uses its new EVs to unlock new revenue opportunities, business models, and highly efficient product development cycles. The cars produced at this stage will have double the range thanks to increasingly efficient batteries. Toyota hopes that the increased efficiency will halve the investment and resources needed, leading to reduced prices and increased sales volume.
By 2030, Toyota hopes to be selling about 3.5 million EVs globally, thanks to the successful implementation of Sato’s plan.
While Toyota is making significant strides in the EV market, the company is not abandoning its hydrogen tech ambitions. In fact, Toyota is investing heavily in hydrogen fuel cell technology and believes that it will play an important role in the future of transportation.
According to Sato, “Toyota believes that both electric and fuel cell vehicles will be necessary to achieve carbon neutrality. We are committed to making progress in both areas and will continue to invest in research and development to ensure that we are delivering the best products to our customers.”
With its ambitious EV strategy and commitment to hydrogen fuel cell technology, Toyota is positioning itself as a leader in the race towards a more sustainable future. As Sato notes, “Toyota is committed to creating a better world for future generations, and we believe that electric and fuel cell vehicles are key to achieving that goal.”
