Toyota says in a reversal, it will shift to EV more rapidly

Date:

Tokyo-

Toyota Motor Ltd

The final warning voice about electric vehicles among the world’s top automakers declared itself a believer on Tuesday, and said it would make 3.5 million EVs a year by 2030.

Toyota said it hopes to electrify all models of the luxury Lexus brand in the United States, China and Europe by 2030. And we showed off more than 30 EV models that are scheduled to be released by that year.

Still, many of our customers have warned that battery-powered vehicles are not yet ready and may not be ready for some time, especially in the non-coastal United States.

Just 7 months ago in May Toyota sets goals On Tuesday, the November Climate Summit in Glasgow, Scotland, Biden administration’s executive order Aim to expand sales of electric vehicles.

Toyota President Akio Toyoda said at a press conference that he felt compelled to renew his plans to achieve carbon neutrality after seeing the summit. “Countries made announcements and clarified the energy policies they had,” he said.

Until recently, Mr. Toyoda was cautious about EVs. He questioned whether consumers would like to buy a battery-powered car, and because much of the world’s electricity comes from fossil fuels, EVs are as environmentally friendly as Toyota’s specialty gas-electric hybrids. He said it might not be good.

Toyota said it will spend up to about $ 35 billion on electric vehicles over the next decade.


Photo:

Kiyoshi Ota / Bloomberg News

Toyoda-san too Warned to shift in a hurry In December 2020 he could break the network of traditional petrol car suppliers into EVs. This is a scenario where the current business model of the automobile industry collapses.

On Tuesday, such skepticism was almost shelved.

Mr. Toyoda praised driving the EV as fun and showed his video of laughing while stepping on the accelerator while driving the Lexus EV under development. “Another world! Huh!” He said in the video.

“The efficiency of electric motors far exceeds that of gasoline-powered vehicles,” he said at a press conference.

According to the company, spending on battery research and production will increase from the previous plan of 1.5 trillion yen to 2 trillion yen, which is equivalent to $ 17.6 billion.Battery plant Planned in North Carolina.. The company says it will spend up to about $ 35 billion on electric vehicles over the next decade.

“We’re not saying we’re going to use it all up. This is a sign that we’re ready,” said technology chief Masahiko Maeda.

Lexus is set to become an all-electric brand worldwide by 2035, and planned models include sports cars that run from 0 mph to 60 mph in 2 seconds.

Nevertheless, Toyota’s transition to EV is slower than some competitors. Toyoda said it was due to lack of charging infrastructure and power supply in many countries where Toyota sells cars.

Toyota recorded 9.9 million retail vehicle sales in the year ended March 31st. In other words, assuming the overall total is stable, the EV target of 3.5 million units in 2030 is equivalent to about one-third of global sales.

Ford motor Ltd

Aiming for 40% of sales Will come from EV by 2030.

Volkswagen AG

It plans to make half of its sales EV by 2030, which is the closest car maker to Toyota.Luxury manufacturer

Daimler AG

Aiming for Mercedes Benz A brand that is fully electrified By the end of 10 years.

In the United States, Toyota said it believes it can sell electric vehicles to people living on the East or West Coast. “They like eco-friendly cars and have the infrastructure in place,” said Maeda, chief technology officer. “But when you enter the Midwest, the environment is different. It will be difficult to switch to battery EV immediately.”

Volkswagen invests more in electric vehicles than any other legacy automaker in the United States. The WSJ will enter the engine plant, which is transforming into a battery plant, as the German giant aims to change its image and become a Tesla rival.Photo Illustration: George Downes

Toyota’s design chief, Simon Humphreys, said the company needs to keep in mind the gap between what people want and what they actually buy. Most people agree that carbon neutrality is desirable, but “whether or not you really want to accept it is the next big hurdle,” he said. “We need to change the way we think about our customers, and we’ll probably be able to achieve the numbers we’re talking about.”

In the 1990s, Toyota developed a fuel-efficient Prius that established environmental confidence by combining a gasoline engine and an electric motor with an innovative hybrid design. But lately, its reputation has hurt what seems to be reluctant to match the industry’s other enthusiasm for battery-powered vehicles. Toyota worked on the government Includes the United States, which pays attention to the promotion of EVs.

Toyoda admitted that some might criticize him for not increasing his share of sales, but said the criticism was unfair. According to Mr. Toyoda, 3.5 million units is equivalent to the production volume of the entire company such as Daimler. “The size of this kind of company: that’s the size and quantity we’re talking about,” he said.

All the future | Transportation

Write to Sean McLean sean.mclain@wsj.com

Copyright © 2021 DowJones & Company, Inc. all rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Toyota says in a reversal, it will shift to EV more rapidly

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