Toyota Will Retail EV Production Plans To Compete With Tesla

Toyota is remaking plans for its EV production to compete with Tesla (photo: Unsplash)

JAKARTA - Toyota Motor Corp will detail changes to its electric vehicle (EV) production plan until 2026 to be able to compete with Tesla.

The Japanese automaker has been looking for ways to increase EV competitiveness and accelerate the adoption of electrical driving technology into his cars.

"However, the changes may delay some of the EV development programs originally planned for a three-year period," a trusted source told Reuters.

Toyota is one of many hopes of reaching Tesla's level of profitability in the EV sector, and is now preparing to unveil a new business model to do so.

This change will later include the supply base of Toyota as the company hopes to make its offerings to consumers more comparable to Tesla.

Toyota also said that the company will hold a large supplier conference in February, this is the first global supplier convention since the pandemic.

Despite being the initial pioneer of a hybrid vehicle with a Prius, Toyota released its first EV this year with a bZ4X, which builds on the company's first EV platform.

As of October 2022, Toyota only sells 14,421 battery-electric vehicles worldwide. While its competitors, Tesla and BYD both sell more than half a million electric vehicles.

Tesla did not report its monthly shipments, but the US automaker delivered 908,583 vehicles in the first three quarters of this year, apparently beating 685,286 BYD batteries shipped until October.