Toyota exec equates 300K hybrids sold to 90K electric vehicles while heatedly defending company’s EV plans
Toyota can’t seem to grasp why it’s being criticized for its lack of progress in fully electric vehicles. The Japanese automaker is making headlines Wednesday after an executive went off on a tangent defending Toyota’s carbon reduction efforts and future EV plans – the frustration comes as Toyota has come under fire for not going all in on electric vehicles.
The world’s largest automaker stands by its position to not rush into electric vehicles despite the overwhelming demand growing in every primary market.
Almost every automaker has turned to a preorder system for their electric models because they can’t keep up with orders. According to the International Energy Agency (IEA), electric vehicle sales are on pace to hit another global record this year after almost doubling in 2021 to 6.6 million.
With new government incentives and rebates, electric vehicle adoption is expected to continue gaining momentum as production capacity comes online and automakers switch their focus to EVs.
Despite this, less than two months ago, the EVP of sales at Toyota Motor North America claimed, “I don’t think the market is ready” for electric vehicles, citing high costs and lack of infrastructure (charging).
In response to that, the IEA reports:
Deployment of publicly available EV charging points increased by close to 40% in 2021.
New federal incentives are expected to drive this number significantly higher in 2022. The US DOT announced $5 billion in funding under the National Electric Vehicle (NEVI) Formula Program, part of the Bipartisan Infrastructure Law, to build an EV charging network across the US over the next five years.
Meanwhile, Toyota’s first attempt at a fully electric car, the bZ4X, was (to say it nicely) less than ideal as it was recalled due to the wheels falling off (they resumed sales earlier this month).
And then, two weeks ago, Toyota’s CEO told reporters it would stick with a hybrid strategy, stating, “playing to win means playing with all the cards in the deck,” referring to offering fuel cell alternatives, hybrids, and EVs. It seems the entire company is on board with these plans as another executive reiterated the same train of thought, defending the company’s progress so far.
Executive gets heated defending Toyota’s EV plans
Sean Hanley, VP of Sales and Marketing at Toyota Motor Australia, delivered remarks during the debut of the automaker’s new Toyota Corolla Cross Hybrid in Sydney.
After the speech, while addressing the media, questions about the company’s carbon reduction plans and EV progress (or lack thereof) seemed to strike a nerve. Hanley said:
Toyota is not opposed to battery-electric vehicles. We believe that to get to carbon neutrality, you have to take everyone on the journey.
Adding:
We believe that you have to have a diverse range of technologies to get there. The point is this: carbon is the enemy here, not the powertrain.
Mr. Hanley continues, explaining Toyota is in “full support of some mandated type of legislation” for reducing carbon emissions and believes carbon neutrality must be achieved. However, in Hanley’s words:
What we’re disagreeing on is … how and when you get there.
He then directed his attention toward those criticizing Toyota, pointing to the automaker’s efforts in reducing carbon emissions in Australia since 2001 with hybrid vehicles.
We are the only car company that represents 30 percent of our sales that are hybrid right now. That is playing a role in reducing (emissions).
According to Toyota’s calculations, three hybrid vehicles are “almost equal” to one electric car, comparing the carbon emissions reduced with its 300,000 hybrids sold in Australia to about 90,000 EVs.
Electrek’s Take
Hybrids did play a role in reducing carbon emissions in the transportation sector, and Toyota played a significant role over the past 21 years. However, the issue Toyota doesn’t seem to be grasping here is hybrids were never the solution; they were a great innovation to eventually graduate to fully electric cars as tech progressed.
Technology has advanced significantly in the past several years – allowing for a higher range – which is the primary concern for those looking to buy an electric vehicle. And although hybrids are a better alternative to gas-powered cars, they are still not fully efficient.
A new study finds that because hybrids are heavier, they can consume more fuel in the long run, eroding the benefits.
Toyota insists on continuing to offer hybrids, and fuel-cell vehicles, refusing to adapt and update its EV plans for the modern age.
The popularity behind EVs is only expected to accelerate in the next few years as new electric models are introduced to the market, and federal incentives are designed to lower the costs while expanding access to charging. Toyota is known for being cautious, but this time it may cost them in the long run.
Toyota was a first mover in the hybrid space, a big reason it grew to become the most prominent global automaker. However, with all major markets (North America, Europe, China, etc.) accelerating pure electric sales, it may fall behind as demand for zero-emission EVs continues building.
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Cargo scooters are a rare breed, filling a niche that exists between typical e-bikes/e-scooters with minimal storage and larger cargo-specific models designed for utility. But that dearth of cargo scooters may be changing, based on several interesting new models we’ve seen lately, including the recently unveiled Lightfoot cargo electric scooter.
Yet unlike the few other cargo scooters rolling around out there, the Lightfoot has one major advantage: its built-in solar panels keep it charged up directly from the sun.
It’s not the first solar-powered scooter we’ve seen, but it’s definitely the most eye-catching model yet.
Developed by Otherlab, the Lightfoot electric cargo scooter features a pair of 120W solar panels on either side, hiding a large 45.2 L (12-gallon) storage compartment. One panel is hinged, opening the entire side of the vehicle for easy cargo access, then locking back in place for secure storage.
Also hidden away by those panels are the equally large UL-certified 1.1 kWh battery and the 600W on-board charger (just in case you do need to plug it into the grid for a quicker charge than you’d get from the solar panels). In fact, the company claims an 80% charge is possible in just 90 minutes from a 110V wall outlet. Based on the company’s figures, it looks like solar charging is likely to fill the battery at a rate of roughly 7-8% per hour (around 3 miles or 5 km of additional range per hour of sun exposure). That means heavy utility users will likely still rely on the wall plug from time to time, but there’s nothing wrong with outdoor parking helping to extend the range.
The company rates the scooter’s range as up to 37 miles (60 km) per charge and claims an extra 18 miles (30 km) of range can be added per day from the solar panels.
That means the scooter could actually be purely solar-charged when used for modest duty cycles, i.e. less than 18 miles (30 km) per day. As the company explained, “If you only need it for a few short errands a day, park it in your driveway and it will always be ready for you. For many riders, we’re hoping this means saying goodbye to plug-in charging altogether.”
With a 20 mph (32 km/h) top speed, the scooter is said to be “bike lane legal” without requiring any additional license or registration.
The Lightfoot is also designed to be easy to work on with minimal mechanical components. The dual motor system relies on hub motors instead of centrally mounted motors, meaning there are no chains or belts to deal with. Between those two 750W rated (1 kW peak) motors, the scooter should get up to speed pretty quickly while laying down nearly 2,000 watts of power.
The company is offering a 1-year warranty on the entire scooter, with an even longer 2-year warranty for the major components consisting of the frame, motors, controllers, brakes, lighting, and front suspension. The scooter is also covered by an “ironclad buy-back guarantee” with the company promising to buy the scooter back from any riders who are “unsatisfied with their purchase for any reason.”
Set to begin deliveries in January 2025, the Lightfoot is now available for purchase with an MSRP of US $4,995.
Electrek’s Take
Look, I’m split here. My inner mechanical engineer is drooling over this thing, while my inner MBA is wondering how you sell it to a broader market than… people like me. My two professional backgrounds have often been in conflict before, but this is peak engineer’s delight meets ultra-niche aesthetic.
Sure, I would 100% ride the hell out of this thing. I’d ride it everywhere with zero qualms about the appearance. But I’m probably not the best representative of the average scooter customer since I tend towards the tech nerd side of the spectrum. And so I hope that the Lightfoot can find wider appeal than I fear it may be limited to.
Oh, and for all of those ready to hammer out the “AcTuAlLy ThAt’S NoT tHe MoSt EfFiCiEnT WaY tO dO iT…” comments, I think that’s missing the point. The whole idea here isn’t to maximize every photon, but rather to not waste the ample sunlight that otherwise simply bakes the paint on every other scooter and moped out there (and don’t get me started on the “moped” linguistic purists). Sure, you’re probably only ever getting appreciable solar charging from one panel at a time, but why not maximize your chances of catching those rays whenever you can?
So all told, I love this thing. I just wonder how many people will love it as much as I do.
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Environment
Hyundai confirms IONIQ 9 SUV debut date while teasing first look at its ‘lounge-like’ interior
Hyundai will finally unveil its first three-row electric SUV, the IONIQ 9, at the LA Auto Show next week. With its debut around the corner, we are getting a sneak peek at the SUV’s “lounge-like” interior.
Hyundai IONIQ 9 will debut on November 21, 2024
The 2025 Hyundai IONIQ 9 will make its first appearance at AutoMobility LA (LA Auto Show) on Thursday, November 21, 2024.
Hyundai will hold a news conference inside the LA Convention Center to unveil its new flagship three-row electric SUV. The event will be live-streamed starting at 9:10 am PT (12:10 pm ET).
Although rumors claimed that Hyundai would reveal its new SUV at the LA Auto Show, this is the first time it has officially confirmed the debut date. Previously, the company left it open, saying it would make its first appearance in November.
Ahead of its official debut, Hyundai previewed the IONIQ 9’s “lounge-like” interior. Simon Loasby, head of Hyundai’s Design Center, boasted that “IONIQ 9 offers the ultimate lounge-like environment.”
The spacious and “nature-inspired” interior features Hyundai’s latest software and connectivity tech. Based on its advanced E-GMP platform, following the IONIQ 5 and 6, the larger SUV includes a flat floor for an open space cabin.
What to expect
Hyundai has been dropping new teasers leading up to its debut. Earlier this week, we got a look at the IONIQ 9’s new LED light bar, similar to the Tesla Cybertruck.
The IONIQ 9 features Hyundai’s new “Aerosthetic” design, which blends aerodynamics with a sleek aesthetic look.
Although prices and specs have yet to be revealed, the IONIQ 9 is expected to be similar in size to the Kia EV9. Also based on the E-GMP platform, the EV9 is 197.2″ long, 77.9″ wide, 70.1″ tall, with a wheelbase of 122″. That’s about the size of its Telluride.
However, with its flat-floor design, the EV9 provides more rear legroom (42″) than a Cadillac Escalade.
Kia’s three-row EV9 starts at about $55,000, so IONIQ 9 prices are expected to start at about the same or slightly higher. More premium trims could cost upwards of $80,000.
The IONIQ 9 will be built at Hyundai’s massive new Metaplant America (HMGMA) alongside the updated 2025 IONIQ 5 model. The new 2025MY has more range, features, and an sleek new design. It even includes a Tesla NACS charging port, which the IONIQ 9 is also expected to feature.
Hyundai said all US-made EVs qualify for a $3,750 federal tax credit. However, once the battery portion of the plant opens, they are expected to be eligible for the full $7,500. Until then, Hyundai is passing the $7,500 on through leasing.
Last week, Hyundai announced that 2025 IONIQ 5 prices will start at $43,975 (including a $1,475 destination fee). The extended-range SE RWD trim, with a range of up to 318 miles, starts at $46,550.
Check back next week for all the details on the new IONIQ 9 SUV. And keep an eye out for more teasers leading up to its debut on Thursday, November 21, 2024.
With the new 2025 IONIQ 5 arriving at dealerships any day, Hyundai is offering clearance prices on 2024 models. You can use our link to find the best deals on Hyundai’s IONIQ 5 at a dealer near you.
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Buy now, pay later firms like Klarna and Block’s Afterpay could be about to face tougher rules in the U.K.
Nikolas Kokovlis | Nurphoto | Getty Images
Klarna, which is known for its popular buy now, pay later business, announced Wednesday that it’s confidentially filed IPO documents with the SEC.
The Swedish payments company has yet to publicly file its IPO prospectus. The company said the offering would follow the SEC’s review process and is subject to market conditions.
Analysts recently valued Klarna, which was founded in 2005, in the $15 billion range. At its peak during the pandemic-led surge in fintech stocks and e-commerce, the company had a valuation of $46 billion in a funding round led by SoftBank’s Vision Fund 2.
But Klarna took an 85% haircut in its most recent primary fundraising round, in 2022, when the company raised money on a valuation of $6.7 billion.
In addition to SoftBank, Klarna’s roster of shareholders includes Sequoia Capital and London-based firm Atomico.
Klarna CEO Sebastian Siemiatkowski previously told CNBC in an interview that unfavorable rules in Europe on employee stock options could risk the company losing talent to U.S. tech giants such as Google, Apple and Meta.
Plans for an IPO have been in the works for some time. In a February interview with CNBC’s “Closing Bell,” Siemiatkowski said an IPO in 2024 was “not impossible.” Affirm, one of the company’s key competitors, went public in 2021 and is now valued at about $18 billion.
In August, Klarna said it swung to a profit in the first half of the year.
Klarna’s decision to go pursue a listing in the U.S. represents a major blow to European stock exchanges, which have been trying to encourage local tech companies to list at home.
The London Stock Exchange, for example, has made reforms to make the U.K. a more attractive market for tech companies to list, including the ability for founders to issue dual-class shares that enable entrepreneurs to maintain control over a company’s strategy and direction.
Siemiatkowski hadn’t previously committed to listing in one market over another, and London was among the markets he was considering for Klarna’s IPO.
However, in 2021 he said that the firm was more likely to list in the U.S. than the U.K., due in part to higher visibility.
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