Toyota reveals next-gen EV production line as it looks to play catch-up with Tesla
As it looks to make up for lost time, Toyota is giving us a glimpse of its next-gen EV production line with modern technology like Giga casting, self-propelled assembly lines, and robots to transport finished vehicles.
Electric vehicle sales continue ramping at a record pace. By the end of 2023, global EV sales are expected to surpass 14.5 million units, according to data from CounterPoint Research.
Over 2.15 million EVs were sold in the second quarter alone. Legacy automakers and startups alike are fighting for a position in the new electric era. Tesla has maintained its lead, delivering 466,000 EVs in the second quarter, while China’s leading automaker, BYD, closed the gap with 352,000 passenger EV sales.
Meanwhile, of Toyota’s 4.15 million vehicles sold globally in the first half of the year, only a fraction (around 0.19%) were fully electric.
Several automakers have been caught flat-footed by the rapid transition. Many of them, including Toyota, Honda, and Nissan, have recently announced plans to accelerate their electrification strategies to turn things around.
Toyota revealed several new technologies at a workshop in June, including several straight out of Tesla’s playbook.
The automaker gave us a sneak peek of what we can expect during a plant tour, showing off its next-gen EV production line for the first time.
Toyota shows off new EV production line technology
One of the biggest highlights was its Giga casting technology, a process Tesla introduced at its Fremont factory in 2020.
Giga casting involves producing significantly larger aluminum parts to reduce complexity while saving critical resources. Tesla is said to have reduced costs by around 30% using the method.
Toyota claims its “wealth of knowledge” about molds enabled it to develop “quick mold replacements.” By doing so, Toyota says it reduced the lead time for changing the mold to around 20 minutes compared to 24 hours.
Furthermore, the automaker will use proprietary analysis tech to improve the casting quality, reducing the number of defective parts.
Toyota also emphasized its self-propelled EV production lines. The technology was developed using sensor technology from autonomous driving to enable “sizable travel at low speeds.”
Using self-propelled lines, Toyota can reduce the need for conveyor equipment, a major cost associated with manufacturing.
Toyota also introduced a three-part modular structure consisting of the vehicle’s front, center, and rear to enhance work efficiency and further reduce complexity.
Facing a labor shortage, the automaker showed off its Vehicle Logistics Robot (VLR), designed to improve vehicle transportation at the finished vehicle yard.
Toyota also revealed its EV battery roadmap last week, which includes new EVs launching in 2026 with nearly 500 miles (800 km) range.
Electrek’s Take
Toyota will have a long way to go in catching Tesla. The Japanese automaker is now looking to play catch-up after falling behind in the EV race early.
New technology, including next-gen EV production lines and advanced batteries, will help Toyota improve competitiveness in the future. But by 2026 or 2027, when many of these technologies are put to use, Tesla will likely already be onto the next innovation.
Tesla is on track to deliver 1.8 million EVs this year. Toyota aims to reach 1.6 million in another three years.
While the Japanese automaker wasted time on inferior technology, like hybrid and fuel cells, Tesla has been laser-focused on ramping up EV production while improving efficiency.
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The Stripe logo on a smartphone with U.S. dollar banknotes in the background.
Budrul Chukrut | SOPA Images | LightRocket via Getty Images
Stripe cut 300 jobs, representing about 3.5% of its workforce, mostly in product, engineering and operations, CNBC has confirmed.
The payments company, valued at about $70 billion in the private markets, still expects to increase headcount by 10,000 by the end of the year, which would be a 17% increase, and is “not slowing down hiring,” according to a memo to staff from Chief People Office Rob McIntosh. Business Insider reported earlier on the cuts and the memo.
A Stripe spokesperson also confirmed to CNBC that a cartoon image of a duck with text that read, “US-Non-California Duck,” was accidentally attached as a PDF to emails sent to some of the employees who were laid off. Some of the emails mistakenly provided affected employees with an incorrect termination date, the spokesperson said.
McIntosh sent a follow-up email to staffers apologizing for the “notification error” and “any confusion it caused.”
“Corrected and full notifications have since been sent to all impacted Stripes,” he wrote.
In 2022, Stripe cut roughly 1,100 jobs, or 14% of its workers, downsizing alongside most of the tech industry, as soaring inflation and rising interest rates forced companies to focus on profits over growth. The Information reported that Stripe had a few dozen layoffs in its recruiting department in 2023.
Stripe’s valuation sank from a peak of $95 billion in 2021 to $50 billion in 2023, before reportedly rebounding to $70 billion last year as part of a secondary share sale. The company ranked third on last year’s CNBC Disruptor 50 list.
In October, Stripe agreed to pay $1.1 billion for crypto startup Bridge Network, whose technology is focused on making it easy for businesses to transact using digital currencies.
Brothers Patrick and John Collison, who founded Stripe in 2010, have intentionally steered clear of the public markets and have given no indication that an offering is on the near-term horizon. Total payment volume at the company surpassed $1 trillion in 2023.
WATCH: Early Bridge investor weighs in on $1.1 billion Stripe deal
Thinking about upgrading your EV? Rivian (RIVN) launched a new promo on Tuesday, offering up to $6,000 to upgrade your R1S or R1T. Here’s how you can snag some savings.
Rivian R1S and R1T upgrade deal offers up to $6,000
Rivian delivered over 51,500 vehicles last year as the EV maker gains momentum. Although it was only slightly higher than the ~50,100 delivered in 2023, Rivian is expected to see even more growth this year.
After shutting down its Normal, IL manufacturing plant last April and renegotiating supplier contracts, Rivian has seen “significant cost improvements,” according to CEO RJ Scaringe.
Rivian also began delivering its next-gen R1S and R1T models last year. The new Large and Max battery packs have redesigned modules and more efficient packaging, “making them easier to manufacture and service.” For example, Rivian’s new EVs use seven ECUs, down from 17 in the first-generation R1T and R1S.
With new plant upgrades, reworked supplier contracts, and more efficient vehicles, Rivian is now passing the savings on to customers.
Rivian introduced a new promo on Tuesday, offering up to $6,000 to upgrade your R1T or R1S. The bonus amount varies by trim:
- Tri with Max battery: $6,000 USD / CAD 8,600
- Dual with Max battery and Performance upgrade: $4,500 USD / CAD 6,500
- Dual with Max battery: $3,000 USD / CAD 4,300
The offer is for current R1T or R1S owners or lessees in the US and Canada. Rivian launched the new promo on January 21, and it runs through March 31, 2025.
After you purchase or lease a qualifying vehicle, Rivian will apply a discount toward the MSRP. You must take delivery by March 31, 2025. In the fine print, Rivian stated, “You must request a trade-in estimate to qualify for this offer, but trade-in of a vehicle is not required.”
Any other models are excluded from the offer. These include Dual Standard configurations, Dual with Large battery configurations, custom builds, demo vehicles, and pre-owned vehicles.
The new offer follows Rivian’s previous upgrade promo introduced last October, giving qualifying gas-powered vehicle owners or lessees up to $3,000.
Check out the Rivian R1 Shop to view eligible models. You can see eligible Rivian R1S here and R1T models here.
Electrek’s Take
Rivian’s R1S was already the tenth best-selling electric vehicle in the US last year, with nearly 27,000 models sold. With more driving range and power at a lower cost, the electric SUV could see even more demand in 2025.
Then again, with the arrival of new luxury electric SUVs, like the Jeep Wagoneer S and Volvo EX90, Rivian will face more competition in the US.
Rivian’s latest promo comes as the Company looks to carry the momentum from the end of 2024 into the new year. The EV maker is offering other deals, including 1.99% APR for 60 months on the R1 Dual with a Max Battery and Performance upgrade.
Even if you are not eligible for the promo, we can still help you find deals on Rivian’s electric SUV in your area. You can use our links below to view offers on the Rivian R1S and R1T near you today.
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Environment
Hyundai IONIQ 5 and IONIQ 9 lose the $7,500 EV tax credit: Here’s how you can still get it
In a sudden reversal, Hyundai’s new IONIQ 5 and IONIQ 9 EVs no longer qualify for the $7,500 US tax credit. Although this is a major blow to one of the top-selling EV brands in the US, there is still a way you can get the credit. Here’s how.
Hyundai EVs lose US federal tax credit in 2025
After setting another new US retail sales record last year, its fourth straight, Hyundai expected 2025 could be even bigger.
“With exciting new models like the IONIQ 9 and increased US production ramping up at our new Hyundai Motor Group Metaplant America in Georgia, I’m confident this momentum will continue,” Hyundai Motor North America CEO Randy Parker said.
Earlier this month, Hyundai announced its new 2025 IONIQ 5 and IONIQ 9, both made in the US, qualified for the $7,500 federal EV tax credit.
This was significant news because it was the first time Hyundai qualified since the Inflation Reduction Act (IRA) passed in 2022.
The upgraded 2025 IONIQ 5 and Hyundai’s three-row IONIQ 9 were among 25 EVs that qualified for the credit in early January.
According to the updated list from the Department of Energy (DOE) last week, Hyundai no longer has eligible EV models. The only Hyundai Motor Group (including Kia and Genesis) electric cars that qualify are the 2025 Kia EV6 and 2026 Kia EV9. Genesis, Hyundai’s luxury brand, also lost eligibility.
Hyundai began production at its new $7.6 billion EV plant in Georgia in October. The new 2025 IONIQ 5 was the first to roll off the assembly line, which will be joined by Hyundai’s three-row IONIQ 9.
Last year, Hyundai said it expected US-built models would qualify for a partial $3,750 credit until its battery unit with SK On came online, which was expected sometime in 2025.
Kia builds the new 2025 EV6 and three-row EV9 at its West Point, GA plant, enabling it to still qualify for the credit.
Meanwhile, Hyundai is still passing the $7,500 EV tax credit on through leasing. With leases starting as low as $199 per month, the new 2025 IONIQ 5 is still cheaper than a new Toyota RAV4.
With a bigger 84 kWh battery, the 2025 IONIQ 5 has a driving range of up to 328 miles, up from 303 miles in the outgoing model, which had a 77.4 kWh battery. It also gains noticeable design upgrades and now includes an NACS port for charging at Tesla Superchargers.
The IONIQ 5 was already the fourth-top-selling electric vehicle in the US last year. With more range, an upgraded design, and a Tesla NACS port, it will be even more attractive in 2025.
| 2025 Hyundai IONIQ 5 Trim | EV Powertrain | Driving Range (miles) | Starting Price* |
| IONIQ 5 SE RWD Standard Range | 168-horsepower rear motor | 245 | $42,500 |
| IONIQ 5 SE RWD | 225-horsepower rear motor | 318 | $46,550 |
| IONIQ 5 SEL RWD | 225-horsepower rear motor | 318 | $49,500 |
| IONIQ 5 Limited RWD | 225-horsepower rear motor | 318 | $54,200 |
| IONIQ 5 SE Dual Motor AWD | 320-horsepower dual motor | 290 | $50,050 |
| IONIQ 5 SEL Dual Motor AWD | 320-horsepower dual motor | 290 | $53,000 |
| IONIQ 5 XRT Dual Motor AWD | 320 horsepower dual motor | 259 | $55,400 |
| IONIQ 5 Limited Dual Motor AWD | 320-horsepower dual motor | 269 | $58,100 |
Hyundai launched a new promo last week. It offers those who buy or lease the new 2025 IONIQ 5 a free ChargePoint Level 2 EV charger. Alternatively, you can choose a $400 charging credit.
Are you ready to test Hyundai’s new electric vehicles for yourself? We can help you get started. Check out our links below to find deals on Hyundai, Kia, and Genesis EVs at a dealer near you today.
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