Toyota Works to Reboot Weak EV Strategy

Toyota is considering working on rebooting its electric-car strategy to better compete in the autos market.

[Photo Credit: CNET]

Toyota is switching plans to better compete in the fast-paced market it has been slow to enter by working on its electric-car strategy. The company has halted some of its existing EV projects to work on a new strategy.

Toyota has reportedly taken a different approach from its cost-effective and sustainable electrification plans to get more new all-electric models on the road soon, said Motortrend.

Reuters reports that “the revamp under consideration could slow rollout of EVs already on the drawing board. But it would also give Toyota a chance to compete with a more efficient manufacturing process, as industry-wide EV sales run past Toyota’s earlier projections”.

Reuters said Toyota had assumed demand for EVs would not take off for several decades, but have now had a rethink because it was “losing the factory cost war to Tesla on EVs”.

The report says Toyota sources has refused to comment on the EV review.



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