Report: Toyota to hit reset button on EV development

Big Report: Toyota to hit reset button on EV development Last year, Toyota announced its electric vehicle (EV) adoption strategy. However, new reports suggest that the company is going back to the drawing board.

Toyota to hit reset button on EV development

According to Reuters. Toyota has formed an internal group to develop a strategy to improve its current e-TNGA flexible EV platform or develop a new EV architecture. The e-TNGA platform is already used in the bZ4X crossover SUV and will also underpin the 2023 Lexus RZ 450e.

While these changes are under consideration. Toyota is working on the development of several EV projects. including a compact electric cruiser (inspired by the FJ Cruiser) and the Toyota Crown hybrid sedan.

The previous strategy included introducing 30 all-electric vehicles by 2030, as well as investing $17.6 billion in battery technology development and production. However, sources claim that Toyota’s EV development process is very slow and expensive compared to other manufacturers.

Reuters highlighted that Toyota teamed up with Tesla in 2012 to develop an all-electric version of its popular RAV4 SUV, but its engineers believed the technology was not a threat. It sold its stake in the development to Tesla in 2017 before starting work on its own platform.

Tesla’s Troubles

Tesla Inc. has observed lower-than-expected shipments of electric vehicles (EVs) in the third quarter, citing logistical issues. Analysts say Tesla is not affected by the weakening economy. Wedbush Securities analyst Dan Ives told Reuters:

“It’s becoming increasingly difficult to secure vehicle transportation capacity at a reasonable cost,” the company itself said of the development.

Ed Moya, a senior market analyst at OANDA Forex Corporation, said,

Similarly, several other major automakers have cut production due to supply chain challenges. indicating that Toyota is not alone in the ongoing global recession.