Toyota released its financial results for the fiscal year ending March 31, 2023, on Wednesday, as new CEO Koji Sato took over the reins. With the market “rapidly progressing,” Toyota is increasing its EV investments, including plans for a new dedicated platform and next-gen models, which will be revealed this fall.
The Japanese automaker has been arguably the biggest laggard when it comes to fully electric vehicle technology.
After longtime leader and grandson of the company’s founded, Aki Toyoda, stepped down from his position earlier this year, many believed incoming CEO Koji Sato would turn things around.
Despite sticking to a hybrid strategy that includes hybrids and fuel cell vehicles, Sato has indicated he will accelerate Toyota’s fully electric vehicle tech development. Last month, Sato revealed his new vision for the company, including significantly boosting EV productivity and profitability.
Those plans include 10 new battery electric vehicles (BEVs) and 1.5 million EV sales (as a “base volume”) annually by 2026.
Toyota has hinted at the idea of a dedicated EV platform to boost efficiency and streamline production, but Sato confirmed these plans Wednesday.
Toyota confirms a dedicated EV platform is in the works
During Toyota’s fiscal earnings release, Sato said the automaker will invest an additional 1 trillion yen ($7.5 billion) into EV development and production by the end of 2030.
Sato added:
Our new models scheduled for launch in 2026 will be built on three new platforms: the body and chassis, the electronic platform, and the software platform. They will all be renewed as we aim to achieve mobility by way of a new vehicle packaging with a rational structure that is unique to BEVs.
Toyota says its dedicated EV platform will double range in future models with more efficient batteries. The company also revealed its new in-house BEV development center, “BEV Factory,” to accelerate Toyota’s EV competitiveness.
The main objective is to enhance the manufacturing process to reduce costs and improve efficiency.
Its next-gen EV, due out in 2026, is expected to be a sleek sporty-looking vehicle with enhanced aerodynamics, based on the images teased by Toyota.
Electrek’s Take
It looks like Toyota is recognizing the urgency to boost competitiveness when it comes to EVs. The automaker is taking a page from Tesla’s playbook, as many automakers are with a dedicated EV platform and manufacturing efficiency.
Although Toyota is seeing an uptick in BEV sales in China, it’s still far behind the crowd in the region and globally.
Waiting until 2026 to release its next-gen EVs may still be too long, with several highly anticipated models expected between now and then.
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The cooling towers of the Three Mile Island nuclear power plant in Middletown, Pennsylvania, Oct. 30, 2024.
Danielle DeVries | CNBC
Power companies that are most exposed to the tech sector’s data center boom plunged early Monday, as the debut of China’s DeepSeek open source AI laboratory led investors to question how much energy artificial intelligence applications will actually consume.
Constellation, Vistra and GE Vernova have led the S&P 500 this year as investors speculated that AI data centers will boost demand for enormous amounts of electricity.
But DeepSeek has developed a model that it claims is cheaper and more efficient than U.S competitors, raising doubts about the vast sums of money the tech sector is pouring in to data centers.
The tech companies have anticipated needing so much electricity to supply data centers that they have increasingly looked to nuclear power as a source of reliable, carbon-free energy.
Constellation, for example, has signed a power agreement with Microsoft to restart the Three Mile Island nuclear plant outside Harrisburg, Pennsylvania. Talen is powering an Amazon data center with electricity from the nearby Susquehanna nuclear plant.
Vistra has not inked a data center deal yet, though investors see promise in its nuclear and natural gas assets. GE Vernova has soared this year as the market believes its gas and electric grid businesses will benefit from AI demand.
This is a developing story. Please check back for updates.
Executives from TravelCenters America (TA) and BP were joined by local elected officials at a ribbon cutting for the two companies’ first DC fast charging hub on I-95 in Jacksonville, Florida – the first of several such EV charging stations to come online.
Frequent road-trippers are no doubt familiar with TA’s red, white, and blue logo and probably think of the sites as safe, convenient stops in otherwise unfamiliar surroundings. The company hopes those positive associations will carry over as its customers continue to switch from gas to electric at a record pace in 2025 and beyond.
“Today marks a significant milestone in our journey to bring new forms of energy to our customers as we support their changing mobility needs, while leveraging the best of bp and TA,” explains Debi Boffa, CEO of TravelCenters of America. Boffa, however, was quick to – but TA is quick to point out that TA isn’ no’t leaving its ICE customers behind. “While this is significant, to our loyal customers and guests, rest assured TA will continue to provide the same safe and reliable fueling options it has offered for over 50 years, regardless of the type of fuel.”
The charging hub along the I-95 offers 12 DC fast charging ports offering up to 400kW of power for lickety-quick charging. While they’re at the TA, EV drivers can visit restrooms, shop at TA’s convenience store, or eat at fast food chains like Popeyes and Subway. Other TA centers offer wifi and pet-friendly amenities as well – making them ideal partners for BP as the two companies builds out their charging networks.
“As we expand our EV charging network in the US, I am thrilled to unveil our first of many hubs at TA locations,” offers Sujay Sharma, CEO of BP Pulse Americas. “These sites are strategically located across key highway corridors that provide our customers with en route charging when and where they need it most, while offering convenient amenities, like restaurants and restrooms.”
The new e2500-THL and TS electric Ultra Buggies from Toro offer construction and demo crews a carrying capacity of 2500 lbs. (on the TS model), six-and-a-half foot dump height (on the THL), nearly 13 cubic ft. of capacity, and hours of quiet, fume-free operation.
For their open-mindedness, those crews will be rewarded with machines powered by 7 kWh’s worth of Toro HyperCell lithium-ion battery. That’s good enough for up to eight hours of continuous operation, according to Toro – enough for two typical working shifts.
And, thanks to the Toro Ultra Buggies’ narrow, 31.5″ width, they can easily navigate man doors on inside jobs, as well, making them ideal for indoor demolition and construction jobs. A zero-turn radius and auto-return dump mechanism that ensures the tub automatically returns to the proper resting position make things easy for the operator, too.
Toro says that each of its small (for Toro) e2500 Ultra Buggy units can replace as many as five wheelbarrows on a given job site. Pricing is expected to start at about $32,000.