Toyota Wants to Dominate Electric Car Market With New Strategy

Toyota’s new CEO Koji Sato believes the popular Japanese automaker can make big profits from Electric Vehicles (EVs) with three simple steps. On April 1, 2023, CEO Sato reviewed Toyota’s new strategy.

Toyota is in stage one of its new plan, with stage two coming around 2026 and stage three by 2030. It aims to build 1.5 million EVs by 2025 and 3.5 million by 2030. The strategy dictates that productivity and economies of scale will lower prices, increasing sales volume.

Toyota launched its first bZ-branded EV on a new platform in “Step 1,” which began before Sato took over. Toyota learned from the bZ4X’s unsuccessful launch, Sato says, with the EV’s faults serving as a wake-up call for the company.

In Sato’s “Step 2,” Toyota will integrate Woven’s Arene automotive operating system. This new software will complement Toyota’s new EV platform and the proposed lineup will also entail other “improvements and modifications.”

Sato calls “Step 3” the automaker’s “three-layered cake.” He says that Toyota will switch to a new structural body and add software services to the Arene operating system. A redesigned EV platform will maximize space, performance, and efficiency with the new body.

To compete with Tesla, Toyota must significantly increase its EV volume. By producing 10 million vehicles per year, the Japanese automaker hopes to boost margins and EV profitability.

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