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According to reports, Toyota is thinking of using an electric vehicle (EV) development strategy similar to those of BYD and Tesla. The Japanese manufacturer is one of many that aspires to profitability in EVs comparable to Tesla.
According to a Barron’s article, Toyota will unveil its new strategy in 2026 and include adjustments to its supplier base. This most recent announcement is a retort to complaints about Toyota’s sluggish EV rollout.
Toyota will modify its supply chain to keep up with Tesla. But it’s important to note that Tesla, in contrast to most automakers, solely sells battery-electric vehicles.
Continued Tirade Against EVs
The Japanese automaker is skeptical about the auto industry’s pursuit of EVs despite the abrupt change in strategy. During a meeting in Thailand, Akio Toyoda, the CEO of Toyota, stated that he is among the auto industry’s silent majority in doubting the future of electric vehicles (EVs).
He asserted that many automakers are debating whether they should focus solely on EVs, which is a sign of growing uncertainty about their capacity for change. Due to the high demand for the few models that are now offered, automakers are placing significant bets on fully electric vehicles.
Even so, difficulties are growing—particularly in securing parts and raw materials for batteries—while several automakers are concerned about the rate of consumer acceptance, particularly in light of this year’s price increases for EVs.