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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Tesla is going to build a new Megafactory in Texas near Houston, according to a tax abatement agreement with Waller County.
At the time of writing, Tesla had yet to comment on the new project, but the Waller County Commissioners Court confirmed the project on Wednesday when they approved a tax abatement deal with the company:
Under the proposed agreement, Tesla will receive tax abatements from Waller County based on property improvements. The deal includes $44 million in facility improvements and $150 million in Tesla manufacturing equipment that Tesla will install. The next phase involves a new $31 million distribution facility with about $2 million in Tesla distribution equipment and building upgrades.
Tesla is going to take over a 1-million-sq-ft building that it already held the lease on at the Empire West industrial park near Katy, Texas – just outside of Houston.
Logistics company DB Schenker occupied the space where it handled parts for Tesla, but it will move out and Tesla plans to build Megapack production lines at the site:
Tesla will operate a new Megapack battery storage manufacturing facility at a 1 million-square-foot building, which was initially constructed with no tenant on speculation that it would attract jobs and economic development.
Tesla has previously referred to plants producing Megapacks as “Megafactory”. The company already operates one in Lathrop, California, and one in Shanghai, China, where it just started production.
Those factories are set up for a production capacity of 40 GWh worth of Megapacks per year.
It’s not clear if Tesla plans for a similar capacity at this new factory, but the county announced project should result in creating 1,500 jobs.
In addition to the existing building, the project will include the construction of an additional “600,000-square-foot distribution facility with some manufacturing capabilities.”
Unlike its automotive business, Tesla’s energy business has been growing at an impressive pace – although prices and margins have come down last year.
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![Is Genesis taking notes from Porsche? New GV60 Magma caught with the Taycan [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/03/Genesis-GV60-Magma-Porsche-2.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
Genesis is gearing up to unleash its alter ego with its upcoming Magma lineup, its debut into the world of high-performance luxury vehicles. First up is the Genesis GV60 Magma, due out later this year. As testing wraps up, the GV60 Magma was spotted alongside none other than the Porsche Taycan.
The first dedicated Genesis EV model, the GV60, will kick off another new chapter for the Korean luxury automaker.
Genesis unveiled the GV60 Magma last March, claiming it will kick off “the brand’s expansion into the realm of high-performance vehicles.” The performance EV includes an improved battery, chassis, and motor for added performance.
The Magma model boasts a wider, lower stance for more control. Other key upgrades include a wider front air intake to help cool the batteries, motor, and brakes. It also includes air curtains to maximize efficiency and an added roof fin channels air to the rear wing, generating downward force.
Genesis upgraded the interior to match the GV60 Magma’s luxurious, sporty design. It includes unique sports car-like bucket seats with exclusive “double-diamond stitching” in the Magma orange and titanium coloring.
Genesis GV60 Magma spotted with the Porsche Taycan
With its official debut coming up, the sporty Genesis GV60 Magma was spotted testing alongside a Porsche Taycan and Hyundai’s IONIQ 5 and IONIQ 6 N models.
Despite the camouflage, the video from CarSpyMedia reveals a few new design elements, like the two-line headlight featured on the updated GV60 model.
Genesis will launch the GV60 Magma later this year in its home market, followed by the US, Europe, and others. Production is scheduled to start in the third quarter of 2025.
Will the Genesis GV60 Magma keep up with the Porsche Taycan or Tesla Model S Plaid? Priced and specs will be revealed closer to launch, but it will sit above the Performance AWD trim, which starts at $69,900 in the US. With up to 429 horsepower and 516 lb-ft of torque, it can hit 0 to 60 mph in 3.7 seconds.
| Horsepower | 0 to 60 mph (seconds) |
Starting Price | |
| Genesis GV60 Performance | 429 | 3.7 | $69,900 |
| Genesis GV60 Magma | ? | ? | ? |
| Porsche Taycan | 402 | 4.5 | $99,400 |
| Porsche Taycan Turbo GT (with Weissach Package) |
1,092 | 2.1 | $230,000 |
| Tesla Model S Plaid | 1,020 | 1.99 | $89,990 |
In comparison, the Porsche Taycan starts at $99,400 with up to 402 hp and a 0 to 60 mph time in 4.5 seconds. The Taycan Turbo GT, equipped with its Weissach package, packs 1,092 hp for a 0 to 60 mph sprint in just 2.1 seconds, but it costs $230,000.
Tesla’s Model S Plaid starts at $79,990 and can accelerate from 0 to 60 mph in 3.1 seconds with 1,020 horsepower. Which performance EV are you choosing?
Source: CarSpyMedia
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