Toyota CEO unveils three-step strategy to catch up on EVs

Koji Sato courtesy of REUTERS-Kim Kyung-Hoon

Toyota will forever bear the stigma of being the automaker that dropped the ball on electric vehicles. The Japanese conglomerate, however, is making amends. With the recent change in CEO, the new boss has released an EV strategy, reminiscent of Tesla CEO Elon Musk’s master plan.

New Toyota CEO Koji Sato has hit the ground running as far as EVs are concerned. He has outlined a three-step strategy to cover lost grounds and significantly enhance productivity and profitability by 2030, as reported by Automotive News.

According to Sato, Toyota is in the plan’s first stage, which includes the bZ4X, which did not get off to a sterling start. However, Toyota said it has been learning from its missteps.

The second phase will start in 2025 when the company completes a new EV platform. By then, it would have built up its production capacity globally to 1.5 million units annually. Toyota will usher in a new automotive operating system named Arene, being developed by its software subsidiary Woven by Toyota. We reported Toyota’s plan to launch ten new EV models by 2026.

The last phase kicks in when Toyota uses its new EVs to unlock new revenue opportunities, business models, and highly efficient product development cycles. The car produced at this stage will have double the range thanks to increasingly efficient batteries. Toyota hopes the souped-up efficiency would half the investment and resources needed and help to reduce prices and drive up volume.

By Step 3, which will be in full force by 2030, Toyota will be selling about 3.5 million EVs globally.

Toyota, however, is not letting go of its hydrogen tech ambitions anytime soon.

Buying a Tesla and like our content? Click here to order & earn referral credits to redeem for Supercharger credits, merchandise, accessories, and even software upgrades.