Toyota to revise 3-year EV plan after waking up to electric transition | Jobs Reply

Japanese automaker and Australia’s best-selling vehicle brand Toyota plans to adjust its 3-year electric vehicle plan, as it tries to keep pace with global trends that appear to be going better than it expected.

According to a report from Reuters This week, citing “two people with knowledge” on condition of anonymity, Toyota will meet with suppliers early next year and unveil changes to its EV strategy as the company admits the pace of the electric transition has been underestimated.

The Japanese automotive giant is reportedly revising its $30 billion, three-phase plan to develop and release EVs that it announced by the end of 2021. Reuters Reports suggest that Toyota is now looking to increase its adoption of performance-boosting technology.

This includes everything from “electric drive systems — including motors — to electronics that convert power from the grid into energy stored in batteries, and more integrated heating and cooling systems,” according to two anonymous sources.

A source warned, however, that some of these changes could delay other EV development programs planned for the next three years from 2026.

in a statement ReutersToyota declined to reveal any new details or confirm the specific report, saying only that it “always actively discusses and works with key (suppliers and partners) on various issues”.

Among the most significant potential changes on the cards is a successor to Toyota’s E-TNGA platform, which was originally developed by modifying an existing ICE vehicle platform. According to ReutersToyota is toying with building its own “dedicated EV platform.”

Toyota’s e-TNGA platform was built on a number of false assumptions. These include the desire to produce e-TNGA-based vehicles alongside ICE and hybrid models, and the belief that Toyota will only need to sell 3.5 million EVs annually by 2030, given the pace at which the industry is developing.

It is said to have spoken to the sources ReutersThe need to build ICE and hybrid models as well as e-TNGA EVs is reducing Toyota’s factory-floor innovation capabilities, a key strength identified by Toyota engineers at EV giant Tesla.

Planned changes are expected for the successors to Toyota’s first two EVs for the main market, the bZ4X and Lexus RZ. Talk to sources Reuters Hopefully these changes will help close the cost and performance gap with Tesla.

The news comes just days after Toyota Europe set out its own strategy to achieve carbon neutrality by 2040, which included five new battery EVs by 2026. Toyota Europe aims for EV models to account for 50% of its sales by 2030. Will sell only EVs by 2040.

It will be interesting, however, to see whether Reuters Demands for changes to Toyota’s EV plans include changes to Toyota Europe’s plans, which are still lower than many of their competitors.

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