Toyota’s NEW Electric Motor Will CHANGE EVERYTHING In The EV World!
Well, Toyota steadfastly ignored EVs for twenty years. One of the world’s largest and most successful automakers said that their gasoline hybrids were the most effective and realistic solution to reducing car emissions. As Toyota “Touch the perfection”, it has plans to bring changes for good, what’s the plan, where is it headed? TECH ADDICTS is the station for you! So let’s begin!
Toyota’s decades-long gamble paid off and earned them the market leader in hybrids. However, that didn’t help the company become an EV industry frontrunner; it still lags behind the competition. It must now play aggressive catch-up. One such startup automobile company to emerge from California in recent years is Tesla, which has amassed hundreds of thousands of followers, has sold millions of vehicles and is on track to become the first ground-up U.S. automaker in almost a century.
Midway through December, Toyota CEO Akio Toyoda unveiled the company’s updated strategies for increasing battery-electric vehicle production. A lot of big-time production and big-time cash was promised, to sum up. Toyoda announced in his 25-minute press conference that the company aims to sell 3.5 million battery-electric vehicles annually by 2030 (out of a total of 10 million for Toyota worldwide), with no fewer than 30 distinct Toyota and Lexus models available across all market groups. Further, he promised an astounding $70 billion for electrification overall.
Furthermore, how are we to put Toyota’s claims in perspective, seeing as the company appears to have been dragged reluctantly toward developing battery-electric vehicles?
Spending on EVs by automakers in the last two years has been phenomenal.
There have been numerous announcements of battery factories and dozens of all-electric models around Europe. (And it doesn’t even take into account China, which aspires to control the majority of the world’s EV battery supply, as it does with PV solar cells and LF Li-ion cells.) Every month, more and more automakers announce global EV commitments. Our current and comprehensive list is as follows, with the most recent items at the top: $18 billion for Nissan, $30 billion for Ford, $35 billion for Stellantis, $35 billion for GM, and $59 billion for Volkswagen.
Then, Toyoda announced a whopping $70 billion, dwarfing every other original equipment manufacturer combined. The announcement sent shockwaves through the business press, with some observers taking it as Toyota’s tacit admission that electric vehicles represent the company’s future.
However, there is a big caveat to that figure: it only applies to “electrified” vehicles, as do the commitments of some of the other manufacturers.
Do not assume that this word means what you think it means.
The term “electrification” does not refer exclusively to electric vehicles, despite widespread belief to the contrary. It refers to vehicles that have an electric motor integrated into their drivetrain, the most common examples of which are the conventional Toyota hybrids that have been on the market for 20 years, as well as their plug-in hybrid counterparts.
Toyota has nonetheless revealed that it will commit $35 billion exclusively to battery-electric vehicles. That’s a big increase from where they were headed with EVs before, yet it still just puts them at GM’s heels. Neither has come close to catching up to VW Group, which has poured more money into electric vehicles than any other major manufacturer.
Toyota’s dedication stands out, though, because it is the company’s largest carmaker fighting what is now widely seen as an inevitable transition from gasoline engines to battery-powered vehicles. It’s an acknowledgment that EVs will become ubiquitous in many of its markets this decade, albeit at various rates.
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