Will Toyota Motor (TM) Take Tesla’s Crown as the EV King?

Will Toyota Motor (TM) Take Tesla’s Crown as the EV King?

Posted On August 9, 2023 9:52 am

Tesla, Inc. (TSLA) gained significantly from the world’s shift to cleaner modes of transportation. Due to its first-mover advantage, the company became the highest-selling electric vehicle (EV) company in the United States. However, its edge has been cut short as traditional automakers like Toyota Motor Corporation (TM) are making rapid inroads in the global EV market.

TM was again the world’s top-selling automaker last year, selling more than 10 million vehicles. After achieving massive success in the internal combustion engine (ICE) vehicle segment, the Japanese automaker is transitioning from combustion engines to electric cars. During the first half of 2023, Toyota Motor North America sold 270,476 EVs, including hybrids, making up 26% of the total sales volume.

Moreover, the company sold 51,535 EVs in June, making up 26.4% of its total monthly sales. On June 13, 2023, TM held a technical briefing session, “Toyota Technical Workshop,” under the theme “Let’s Change the Future of Cars.” In the session, the automaker announced various new technologies to help it transform into a mobility company.

The company announced plans to sell 1.5 million EVs annually by 2026 and achieve carbon neutrality by 2050, aiming to reduce average CO2 emissions for the vehicles it sells worldwide by 50% or more by 2035 compared to 2019. TM also announced that it was evolving batteries with new technologies to power its next-generation battery electric vehicles (BEV) in 2026.

TM intends to enhance the performance of the popular liquid lithium-ion batteries by improving the energy density of square batteries. The next-generation BEV to be introduced in 2026 will have a cruising range of 1,000 kilometers (621 miles).

Additionally, the bipolar structure battery used in Hybrid Electric Vehicles (HEVs) is being adapted to the BEVs, helping the automaker provide customers with various battery options, from low-cost, popular batteries to high performance. However, the most prominent announcement from the company was that it was accelerating the development of solid-state batteries for BEVs.

Solid-state batteries are known to be more durable and long-lasting than traditional liquid lithium-ion batteries. The company is looking to mass produce such solid-state batteries to commercialize them by 2027-2028. Apart from batteries, the company also announced its plans related to hydrogen.

It is promoting external sales of fuel cells using Mirai’s hydrogen units, having already received offers for external sales of 100,000 units by 2030. The company also established a new organization called Hydrogen Factory which will make immediate decisions under one leader, from sales to development and production, all at once.

Furthermore, under its manufacturing axis, TM announced that…

Continue reading at INO.com


About author