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At a recent general meeting, Toyota’s shareholders raised concerns over Tesla and the lead it has established as the industry moves to electric vehicles.

Toyota shareholders concerned over Tesla’s EV lead

On two oppositive sides of the EV spectrum, you have Tesla, which sells 100% electric vehicles, and Toyota, which has been one of the biggest laggards (if not the biggest) regarding pure EVs.

Tesla delivered a record 466,140 electric models in the second quarter of 2023, crushing expectations again. The EV pioneer has delivered 888,000 units through the first half of the year and needs less than one million deliveries to hit its 1.8 million 2023 goal by the end of the year.

Meanwhile, of the over 4.15 million vehicles Toyota sold globally in 1H 2023, only a fraction (roughly 0.19%) were purely electric.

After shareholders raised concerns over Tesla and its dominant lead with EVs, several leaders were quick to point to Toyota’s hybrid approach, including hybrid and fuel cell vehicles (FCEV), a strategy that has already set them behind industry competitors.

Despite its resistance to going all-electric, the Japanese automaker has introduced several new ideas to accelerate its BEV strategy recently, several of them directly from Tesla’s playbook.

Toyota-EV-platform
Source: Toyota

In May, Toyota’s newly elected CEO, Koji Sato, revealed the automaker was developing a “completely new platform designed exculsivly for BEVs” expected to launch in 2026.

And then last month, Toyota shared a few new technologies and processes it was working on to transform the company in the electric era including incorporating a simple body structure through Giga casting, a process used by Tesla to reduce the number of pieces needed to make the car.

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Gigacast (Source: Toyota)

Toyota plans to integrate advanced areodynamics with next-gen EV batteries that the company claims will drastically improve driving range compared to its first electric model, the bZ4X electric SUV, while slashing production costs by 2027.

President of Toyota’s BEV factory, Takero Kato, explained to shareholders “I love BEVs. Through BEVs, I want to change the future of cars, monozukuri, and work.”

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2023 Toyota bZ4X (Source: Toyota)

First, he says, Toyota aims to produce EVs with the same cruising range as its hybrid vehicles. Then, the automaker will improve the vehicle structure and production process to optimize efficiency.

Longtime Toyota leader who stepped down from his position as CEO (remaining on the board) earlier this year, said:

I don’t know if love can beat Tesla. However, cars made by engineers who love them will move people’s hearts.

Toyota aims to sell 1.5 million EVs by 2026 with 10 new electric models including luxury, small cars, and commercial. The automaker plans to produce its first US-assembled EV, a three-row electric SUV, at its plant in Georgetown, Kentucky.

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Toyota three-row electric SUV concept (Source: Toyota)

Electrek’s Take

I think Toyota’s shareholders know the answer and that’s why they are raising concerns over Tesla.

Tesla is on track to hit 1.8 million deliveries by the end of the year while Toyota is aiming for 1.6 million in another three years. By that time, Tesla will have widened its lead by far.

Toyota continues wasting precious time and resources on inferior technology like fuel cell and hybrids, which will only slow the automakers transition even more.

The Japanese automaker seems to be recognizing the urgency after falling behind early. Its “multi-pathway” strategy is distracting it from what’s really important – developing and producing EVs.

While Tesla is laser focused on ramping production and optimizing efficiency along the way, Toyota seems to be taking several pages from the EV makers playbook while it continues investing in other technology. Not only will the strategy be costly in the end, but Toyota is far less likely to remain competitive with Tesla with its finger in every pie.

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SUPER73 unveils new e-bike that leaves everyone scratching their heads

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SUPER73 unveils new e-bike that leaves everyone scratching their heads

We knew SUPER73 had something new coming soon based on recent teasers dropped on the e-bike brand’s social media pages. But after the big unveiling of the new SUPER73 MZFT late last week, riders and fans have seemingly been left with more questions than answers regarding the new electric two-wheeler.

SUPER73 took to the Moto Beach Classic in Orange County, California, to roll out its newest model, which had already drummed up hype for an expected new platform.

The company delivered on that promise, showcasing the MZFT with its new frame and features, including multiple battery options and locking storage under the flip-up seat. While some familiar features remain, such as the rear hub motor, wide dual-sport tires, and rigid frame/fork setup, the new platform definitely looks like a novel swing at a moped-style electric bike that stays true to SUPER73’s design legacy.

But beyond the obvious Class 2 sticker on the frame – indicating a top speed of 20 mph (32 km/h) and an included throttle – SUPER73 has been tight-lipped about any other specs. The result is an unveiling that has left many scratching their heads and asking, “But what is it?”.

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Without any real sizing information, we’re left to speculate from the bike’s proportions. The bike certainly looks smaller than the large, rugged SUPER73 bikes that dominated the brand’s flagship lineup for years.

A photo with several young boys on the MZFT series seems to nail the target crowd, likely positioning the MZFT as a smaller, teen-friendly e-bike designed for the quickly growing teen boy e-bike market.

Many cities in the US are now home to groups of teenagers that ride e-bikes in packs. The trend has proven divisive, with some praising the electric two-wheelers for getting more youths outdoors and away from screens, while others bemoan the tendency for these ‘e-bike gangs’ to stray from strictly following the rules of the road.

For its part, SUPER73 has been relatively proactive with its response to criticism, focusing on ensuring its new models maintain street legal compliance and even pushing updates to older models that removed the ability to unlock higher speeds, even to the chagrin of much of the brand’s customer base.

If SUPER73 is targeting the tween boy crowd, it could be a shot at attracting those young riders before they get swayed over to Sur Rons and other non-street legal e-motos, instead drawing them into class-correct e-bikes that still invoke the fun moto-styling. One of the bikes in the image above even has two boys seated together, which would explain the apparent mounting point for additional pillion pegs on the rear chainstays of the frame (though no pillion pegs are visible in the photos or renderings).

For now, we can’t say for sure exactly what these MZFT e-bikes will be packing under the hood, and we will have to await more news from SUPER73 regarding sizing, performance, and other specs.

But whatever the MZFT turns out to be, SUPER73 says the bikes will be hitting retail stores on November 8th and will become available online by November 10th, so we should know significantly more by then.

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US average new car price tops $50k for the first time – here’s why

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US average new car price tops k for the first time – here's why

The average US new car price crossed the $50,000 mark for the first time in September, according to new estimates from Kelley Blue Book (KBB). Prices have been climbing steadily for over a year, and the pace picked up this summer – but that hasn’t stopped Americans from buying.

KBB says September’s record average transaction price (ATP) was partly driven by luxury models and EVs, which pushed the market into record territory. EVs made up an estimated 11.6% of all new vehicles sold last month, which is also a record high. The average EV sold for $58,124 – up 3.5% from August’s adjusted figure.

In Q3, EV sales hit another milestone: 437,487 EVs were sold in the US, giving them a 10.5% market share. That’s nearly a 30% jump from the same period last year. With government-backed EV incentives expiring at the end of September, many buyers hurried to lock in their purchases.

Year-over-year, the average EV transaction price is basically flat, down just 0.4%. Incentives averaged 15.3% of ATP in September, or about $8,900 per vehicle – slightly lower than August but higher than a year ago, when incentives averaged 13%.

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Tesla, which continues to dominate the EV market, saw an average ATP of $54,138 in September. That’s a slight dip from August and down 6.8% from a year earlier. With Tesla recently introducing the new Standard versions of the Model 3 and Model Y, KBB expects average prices across the segment to fall in the coming months. Erin Keating, executive analyst at Cox Automotive, thinks the market is “ripe for disruption.”

“It is important to remember that the new-vehicle market is inflationary. Prices go up over time, and today’s market is certainly reminding us of that,” said Keating. “The $20,000 vehicle is now mostly extinct, and many price-conscious buyers are sidelined or cruising in the used-vehicle market. Tariffs have introduced new cost pressure to the business, but the pricing story in September was mostly driven by the healthy mix of EVs and higher-end vehicles pushing the new-vehicle ATP into uncharted territory.”

Read more: US EV sales smash records in August as Tesla loses ground


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Genesis is about to launch two new ‘electrified’ SUVs based on the GV70

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Genesis is about to launch two new 'electrified' SUVs based on the GV70

It’s official. The Genesis GV70 is about to get two new electrified options, including its first hybrid and extended-range (EREV) versions.

Two new Genesis GV70 electrified SUVs are coming soon

Genesis is turning 10, and it’s planning to go all out. Hyundai gave us a look at what’s coming last month during its CEO Investor Day.

The plans include Genesis expanding with new electrified powertrain offerings, including its first hybrid and extended-range electric vehicles.

Up until now, the luxury automaker has focused on fully electric (EV) or internal combustion engine (ICE) vehicles. By expanding into different electrified powertrains, Genesis hopes to attract new buyers to the brand while grabbing a bigger share of the luxury market.

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Genesis will launch its first hybrid in 2026, the GV80. We knew the GV70 EREV would follow shortly after, but now it’s been confirmed that a hybrid model is also set to join the lineup.

We got our first look at the Genesis GV70 EREV last week. The vehicle was parked in South Korea and appeared to be nearly identical to the current model. Aside from a tag labeling it an EREV and a massive muffler at the back, it looks about the same as the Electrified GV70.

Now, we are finally getting a glimpse of the Hybrid version. The Genesis GV70 Hybrid was also caught by HealerTV in South Korea, this time with an HEV tag.

Like the EREV, the GV70 Hybrid is still covered in camouflage, but this time, you can see the vehicle has the brand’s sport package. The optional package adds sporty exterior and interior elements, including chrome around the Crest Grille and window trim.

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The Genesis Electrified GV70 (Source: Genesis)

The vehicle is still a prototype, so it could change by the time it reaches production form. However, as the reporter points out, the GV70 Hybrid could bring a unique new look to the GV70 series.

On the side of the tire, the letters “FL” are printed, which is typically shown on Hyundai vehicles set to receive a facelift.

Genesis-GV70-hybrid
Genesis plans to launch new luxury EVs, hybrids, and EREVs (Source: Hyundai)

Genesis is expected to launch the GV70 EREV in late 2026, followed by the Hybrid version sometime in early 2027.

According to Hyundai, the EREV will have a combined driving range of over 1,000 km (620 miles). Although it still runs on an electric motor, it will feature a small gas motor that acts as a generator to charge the battery and extend the driving range.

Genesis is betting on new electrified vehicles, including EVs, hybrids, and EREVs, to drive growth. The luxury brand aims to expand into up to 20 new European markets while gaining a bigger share of the US market. By 2030, Genesis aims to sell 350,000 vehicles.

Although it had planned to only offer fully electric vehicles from 2030, Genesis backed off on its commitment. Instead, it will use hybrids and EREVs as a bridge to an all-electric future.

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