Toyota has been a pioneer in the development and mass-marketing of electric vehicles (EVs), and its EV strategy has played a major role in shaping the current market. However, as the EV market has evolved, Toyota’s strategy has come under pressure. In this article, we take a look at what’s working well for Toyota in the EV space, and what needs to change.
What’s working:
- A focus on practicality: Toyota’s EVs are designed to be practical and usable in everyday life, rather than being flashy or futuristic. This approach has helped to make EVs more mainstream and accessible to buyers who might otherwise be put off by their perceived impracticality.
- A commitment to efficiency: Toyota’s EVs are some of the most efficient on the market, thanks to their use of lightweight materials and advanced battery technology. This makes them cheaper to run and helps to extend their range between charges.
- A strong dealer network: Toyota has a large network of dealerships across the US that are able to sell and service its EVs. This is important for giving buyers confidence that they will be able to find support if they need it.
What needs to change:
- A move away from hybrid technology: While hybrid technology has served Toyota well in the past, it is no longer the best option for powering an EV. Battery electric vehicles (BEVs) are now more efficient and have a lower environmental impact than hybrids, so Toyota needs to focus its efforts on developing BEVs instead.
- An increase in investment: To compete with the likes of Tesla and other major automakers who are pouring billions into their EV programs, Toyota will need to increase its investment in research & development, marketing, and infrastructure development significantly. Otherwise it risks being left behind as the industry moves towards electrification at an ever-increasing pace.
Writer for Solar at Discount Solar World
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