Toyota, the largest automaker in the world announced to entry into the electric vehicles (EV) market in a big way, as Toyota was lagging in the growing market of electric vehicles (EVs).
Toyota sold 9 million cars by March 2023 but did not sell a battery-charged vehicle till 2019. And when it did manage to sell its electric version, it did not make a dent in a market like China nor was it able to near the popularity of Tesla in the USA.
The new Toyota CEO, Koji Sato, wants to change all that in a two-step strategy.
First, he wants to produce an electricity-gas hybrid, which was first produced in its Prius model in 1997.
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The research wing has achieved a technological breakthrough, improving battery efficiency for longer runtime and shorter charging times. There are plans to establish a new $8 billion Toyota plant in North Carolina, incorporating advancements in manufacturing technology. Additionally, Toyota is leading in hybrid sales.
It is an interesting phenomenon that an older, established company like Toyota is willing to learn from the newcomers in the market like Tesla
The sale of electric vehicles (EVs) has declined, leading companies like Ford and General Motors to reduce production. In Delhi, EV sales have dropped to 30%, compared to earlier triple-digit growth. Currently, hybrids, with Toyota at the forefront, dominate the market.
This shift highlights a significant learning curve for EVs, requiring alignment with ancillary markets such as battery technology and recharging infrastructure. Cost reduction is crucial, with high initial prices attributed to the early stage of technology innovation. EVs need to evolve gradually, incorporating added features and improved efficiency over time, but research infrastructure is still lacking.
Via: Gulf Today
