Toyota Motor Corp is expected to outline adjustments to its electric vehicle (EV) strategy to key suppliers early next year, as it races to narrow the gap on price and performance with industry leaders Tesla and BYD.
The leading Japanese automaker is expected to detail the EV plan changes through early 2026, communicating the adjustments to major suppliers, the people said on condition of anonymity as the information is confidential.
Toyota has been looking at ways to improve the competitiveness of EVs being planned for this decade, in part by speeding up the adoption of performance-boosting technologies for planned EVs, from electric drive systems – including motors – to the electronics that convert power from the grid to energy stored in batteries and more integrated heating and cooling systems.
Billionaire Elon Musk’s Tesla made almost eight times the profit per vehicle as Toyota for the third quarter, partly because of its ability to simplify EV production and reduce cost, analysts have said.
Toyota has been reviewing a $30-billion, three-stage plan for developing and releasing EVs it announced late last year, Reuters reported in October.
Most major automakers expect EVs to account for the majority of vehicle sales by 2030. Green investors and environmental groups have pushed Toyota to move faster as industry-wide EV sales exceed Toyota’s earlier assumptions.
Toyota’s EV strategy has focused on the rollout of cars like the bZ4X, the first of a string of battery electric vehicles under the series name “beyond zero”.
E-TNGA was designed so EVs could be built on Toyota assembly lines with gasoline cars and hybrids, a compromise that limits the automaker’s ability to deliver factory-floor innovations that Toyota engineers now recognized as key to Tesla’s strength. Toyota has been working with two suppliers Denso and Aisin for its EV reboot.
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