Toyota Motors unveiled its first battery electric vehicle (BEV) pickup truck this week in Thailand. The EV prototype is generating interest among buyers and looks street-ready, but buyers are asking, will Toyota sell its electric pickup in the US?
Will Toyota’s electric pickup truck make its way to the US?
At its 60th Anniversary of operations in Thailand, Toyota revealed the Hilux Revo BEV prototype, its first fully electric pickup truck.
Since the EV truck is built for consumers in Thailand, it’s designed to serve a different purpose. Thai drivers often prefer a versatile pickup that can do it all with a mix of passenger and cargo space.
Looking at images of the Hilux Revo BEV, you can tell it’s designed for the Thai market. Toyota’s EV pickup looks to be in the mid-size range, with a single cab and extended bed. In addition, you can see details indicating it’s built for work with tie-down hooks on the outside of the bed rails.
The electric pickup closely resembles its Hilux truck line, but of course, without the diesel engine. The Thai market is dominated by pickup trucks, where Toyota’s gas-powered Hilux Revo trucks are a top contender.
Thailand is Toyota’s fourth-highest production center globally, behind Japan, China, and the US.
Although Toyota didn’t offer specifications, the EV pickup features a charging port on the front left fender. Toyota’s CEO, Mr. Akio Toyoda, said at the event that the electric pickup is “designed to support carbon neutrality and a better environment for all.”
As for US customers, I wouldn’t get my hopes up for the electric vehicle to make its way here. The company’s CEO reiterated its hybrid approach going forward, claiming:
At Toyota we believe in creating a full portfolio of carbon reducing choices for our customers from hybrid electric vehicles, plug-in electric vehicles, battery electric cars, and fuel cell vehicles. Also, we are pursuing hydrogen fuel options like these GR-Yaris and GR-Corolla hydrogen powered concept cars. As we work to achieve a sustainable future, I also believe we need to take a holistic approach to carbon neutrality.
He added:
I am often criticized in the press because I won’t declare that the automotive industry should commit 100% to BEV. I believe we need to be realistic about when society will be able to fully adopt Battery Electric Vehicles and when our infrastructure can support them at scale.
Toyota has a long history of lobbying against going fully electric. Despite this, the world’s largest automaker has made several initiatives to better compete in the EV market in the past several months.
Electrek’s Take
Toyota releasing an electric pickup in Thailand makes sense because of the market. However, what doesn’t make sense is Toyota’s comments about electric vehicle adoption.
The US has around 140,000 public electric vehicle chargers and is building a national network of chargers through its NEVI program. The program includes investing $5 billion over five years to build the EV charging network, particularly along the Interstate Highway System. As of September, all 50 states have approved plans covering 75,000 miles of highway.
Tesla, Ford, GM, Hyundai, and essentially every automaker at this point has proven electric vehicles work, and perhaps more importantly, consumers are demanding them.
Instead of trying to have its hand in all different types of technology, Toyota would seemingly be better off committing to developing a reliable mass-market electric vehicle, which the company has expressed interest in developing a dedicated EV platform recently.
Although Toyota teased an electric pickup for the US market in 2021 after unveiling a new EV plan, the company has not mentioned anything since, and it’s not likely this will be the one.
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An Exxon gas station is seen in the Brooklyn borough of New York City on Oct. 6, 2023.
Michael M. Santiago | Getty Images
Exxon Mobil beat third-quarter earnings expectations, as the oil major reached its highest liquids production level in more than four decades.
Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $1.92 adjusted, vs. $1.88 per share expected.
Revenues: $90 billion, vs. $93.94 billion expected
The oil major booked net income of $8.61 billion in the quarter, or $1.92 per share, down about 5% compared to $9.1 billion, or $2.25 per share, in the year-ago period. Exxon’s profits have declined as refining margins and natural gas prices have pulled back from from historically high levels in 2023.
The company returned $9.8 billion to shareholders in the quarter and increased its fourth-quarter dividend to $0.99 per share.
Exxon said it has reached its high production level in more than 40 years at 3.2 million barrels per day.
The oil major’s stock rose about 1% in pre-market trading. Exxon shares have gained 16.8% this year.
This is a developing story. Please check back for updates.
Chevron beat third-quarter earnings and revenue expectations, returning a record amount of cash to shareholders.
Shares were up 2.6% in the premarket following the report’s release.
The oil major’s quarterly profit, however, declined substantially compared to the year-ago period due to lower margins on refined product sales, lower prices and the absence of favorable tax times.
Chevron is aiming to streamline its portfolio, with asset sales in Canada, Congo and Alaska expected to close in the fourth quarter of 2024. The company is also target $2 billion to $3 billion in cost reductions from 2024 through the end of 2026.
Here is what Chevron reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $2.51 adjusted, vs. $2.43 expected
Revenue: $50.67 billion, vs. $48.99 billion expected
Chevron’s net income came in at $4.49 billion, or $2.48 per share, down 31% from $6.53 billion, or $3.48 per share, in the third quarter of 2023. When adjusted for foreign currency impacts, the company reported earnings of $2.51 per share, solidly topping Wall Street’s expectations for the quarter.
Chevron booked revenues of $50.67 billion, also beating Street expectations but declining 6% from the $54.1 billion reported in the third quarter last year.
The oil major returned a record $7.7 billion to shareholders in the quarter, including $4.7 billion in share buybacks and $2.9 billion in dividends.
Chevron produced 3.36 million oil-equivalent barrels per day in the quarter, a 7% increase over the third quarter of 2023, driven by record output in the Permian Basin.
Chevron’s stock is largely flat for the year, underperforming the S&P 500 energy sector which has gained more than 6%. Shares have struggled to gain ground as uncertainty looms over the company’s pending $53 billion acquisition of Hess.
The Federal Trade Commission has cleared the deal, though it prohibited John Hess from joining Chevron’s board.
Chevron remains locked in a dispute with Exxon Mobil, which is claiming a right of first refusal over Hess Corp.’s lucrative oil assets in Guyana. If an arbitration court rules in Exxon’s favor, Chevron’s acquisition of Hess would fail to close.
ZEEKR EV cars are displayed at the 45th Bangkok International Motor Show in Bangkok, Thailand, March 25, 2024.
Chalinee Thirasupa | Reuters
Chinese electric carmaker Zeekr said Thursday its deliveries surged by 92% in October from a year ago, helping the company clock its best month at 25,049 vehicles.
The company has reportedlysaid that it expects to deliver 230,000 cars in 2024. With only two months left in the calendar year, that means Zeekr needs to deliver more than 31,000 cars in November and December each.
The Geely-backed automaker began deliveries of its new five-seat SUV Zeekr Mix on Oct. 23.
Xpeng also beat its personal best for a second straight month, delivering 23,917 vehicles in October. The deliveries included the company’s mass-market car, Mona M03, accounting for over 10,000 units.
Xpeng launched Mona M03 in late August with prices starting at $16,812.
Li Auto, whose cars mostly come with a fuel tank to extend the battery’s driving range, delivered 51,443 cars, slightly lower than its record month in September.
BYD and Aito had not yet released their October deliveries as of Friday afternoon.
Earlier in the week, Chinese smartphone and home appliance company Xiaomi said it delivered more than 20,000 electric vehicles in October.
The company only launched its first car — the SU7 — in late March.
Xiaomi aims to deliver 100,000 electric cars by the end of November. The company has delivered more than 75,000 cars as of October.