Toyota shareholders raise concerns over Tesla’s EV lead – Here’s the company’s response
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.
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.
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.”
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.
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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![This electric excavator has battery swap tech that lets it recharge in minutes [update]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/04/electric-excavator.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
UPDATE: telematics announcement.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.
We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.
Telematics announcement at bauma
Earlier today, XCMG launched its next-generation Xrea Global Telematics Platform, integrating IoT, big data, cloud computing, and AI to enable what it’s caling, “seamless cross-border fleet management.”
The new telematics platform supports a dozen languages via PC and mobile interfaces, and offers real-time diagnostics, predictive maintenance, and data-driven optimization of both the vehicle and the vehicle’s batteries, empowering equipment managers and fleet operators to track fleets across town, or across time zones.
“XCMG remains committed to advancing engineering technology to empower a sustainable future. Our mission is to deliver efficient, intelligent, and eco-friendly lifecycle solutions for global clients,” said Mr. Yang Dongsheng, Chairman of XCMG Group and XCMG Machinery. “Today, 19% of our product portfolio comprises green innovations under our ‘Green Mountain’ new energy line, with full electrification across all series underway.”
SOURCE | IMAGES: XCMG; via PR Newswire.
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![A vast 600 MW Texas solar farm just hit a major milestone [update]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/01/Hornet-Solar-Texas-2.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
Renewable developer Vesper Energy has cut the ribbon on Hornet Solar in Swisher County, Texas, one of the largest single-phase solar farms in the US.
As Electrek reported in January, the 600-megawatt (MW) Hornet Solar includes over 1.36 million modules covering more than 6 square miles. The project will contribute more than $100 million in new tax revenue to Swisher County and deliver 600 MWac of energy–enough to power 160,000 homes annually.
January 30, 2025: “The seamless coordination between our team and our EPC partner, Blattner, has enabled us to remain ahead of schedule and on budget while ensuring quality throughout the process,” said Juan Suarez, co-CEO of Irving-based Vesper Energy.
Hornet Solar uses bifacial solar panels mounted on a single-axis tracking system to maximize efficiency. The solar farm is connected to Oncor Electric’s transmission system within ERCOT and is contracted to provide power to four off-take partners through individual Virtual Power Purchase Agreements (VPPAs).
The Hornet Solar project in the Texas Panhandle is on track to be fully online by spring 2025.
Texas is a utility-scale solar leader in the US, with a ranking of No. 2 and 37,713 MW currently installed. It’s projected to install 51,144 MW over the next five years and move into the No. 1 spot, according to the Solar Energy Industries Association (SEIA). The total solar investment in the state is $45.2 billion.
On January 21, the SEIA, Conservative Texans for Energy Innovation (CTEI), Advanced Power Alliance (APA), and the Texas Solar + Storage Association (TSSA) reported that existing and expected utility-scale solar, wind, and battery storage projects will contribute over $20 billion in total tax revenue – and pay Texas landowners $29.5 billion – over the projects’ lifetimes.
Read more: Texas just became No 1 in the US for most utility-scale solar
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