Toyota to test new electric pickup as it looks to fend off BYD’s surge in Thailand
As Chinese automakers like BYD steal Toyota’s limelight in Thailand, the automaker is planning a counter-offensive. Toyota is set to test a new electric pickup to fend off the incoming competition.
Toyota unveiled its first electric pickup, the HiLux BEV, nearly a year ago for its 60th anniversary in Thailand.
Pickups are a critical part of Thailand’s auto industry, accounting for around 50% of all vehicles sold in 2022. According to research from MarkLines (via Reuters), Toyota claimed 39% of the one-ton pickup market through September.
Thailand is also Toyota’s fourth-highest production center behind Japan, China, and the US. However, the country is quickly going electric.
Although Toyota, Isuzu, and Honda are still the top-selling brands in Thailand, BYD and other Chinese EV makers are surging ahead.
BYD, which entered the market last July, already accounts for over a third of EV sales. It also surpassed Nissan, Mazda, and Mitsubishi to represent around 4% of new vehicle sales, according to AutoLife Thailand.
Toyota to counter BYD with electric pickup in Thailand
Toyota Thailand built the HiLux BEV and sent it to Australia last month for testing. The electric pickup was tested by local engineers and “large-volume” HiLux buyers to provide feedback.
Toyota Australia sales boss Sean Hanley, who drove the EV truck, said, “It’s clear the concept vehicle’s all-electric powertrain delivers the impressive torque you’d normally expect from a diesel engine.”
Pras Ganesh, executive vice president of Toyota Daihatsu Engineering & Manufacturing, said the company was adapting its electric pickup to local conditions. It’s also ramping up electric vehicle R&D in the nation to keep pace with incoming competition.
Ganesh told Reuters, “We will first start looking at public transit.” He added a few electric pickups will be tested in Pattaya next year as “songthaews,” or share taxis.
Toyota is also considering testing other electric trucks for different uses, such as last-mile delivery.
Meanwhile, BYD is working on its electric pickup truck. The EV truck was spotted last month during the final phases of testing earlier this year with a big “BYD” logo up front, rugged fenders, and four doors.
A leaked patent last month gave us a closer look at the Ford F-150 Lightning look-alike. Reports suggest the electric pickup will be around 209″ long, more in line with the Ford Ranger.
Toyota showed off another electric pickup concept at the Japan Mobility Show last month. The Toyota EPU, or Electric PickUp, could rival the Ford Maverick as a midsize EV pickup.
Other Chinese automakers, such as Geely’s Radar, have already begun shipping electric trucks to Thailand.
Electrek’s Take
With the HiLux being the best-selling vehicle over the past seven years, it only makes sense for an electric version.
Thailand’s government wants 30% of vehicles built in the country to be electric by the end of the decade. EVs account for over 10% of total car sales, up from 1% last year. Other automakers, including BYD, are taking advantage of the transition.
Toyota is feeling the urgency in a critical market to go electric. Another top Japanese automaker, Isuzu, plans to release an electric version of its D-Max pickup in the nation.
The electric HiLux BEV will likely do well in Thailand, but Toyota will need to get a move on.
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Environment
U.S. crude oil falls below $60 a barrel to lowest since 2021 on tariff-fueled recession fears
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025.
Pavel Mikheyev | Reuters
U.S. oil prices dropped below $60 a barrel on Sunday on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.
Futures tied to U.S. West Texas intermediate crude fell more than 3% to $59.74 on Sunday night. The move comes after back-to-back 6% declines last week. WTI is now at the lowest since April 2021.
Worries are mounting that tariffs could lead to higher prices for businesses, which could lead to a slowdown in economic activity that would ultimately hurt demand for oil.
Oil futures, 5 years
The tariffs, which are set to take effect this week, “would likely push the U.S. and possibly global economy into recession this year,” according to JPMorgan. The firm on Thursday raised its odds of a recession this year to 60% following the tariff rollout, up from 40%.
Fueled by incentives from the Illinois EPA and the state’s largest utility company, new EV registrations nearly quadrupled the 12% first-quarter increase in EV registrations nationally – and there are no signs the state is slowing down.
Despite the dramatic slowdown of Tesla’s US deliveries, sales of electric vehicles overall have perked up in recent months, with Illinois’ EV adoption rate well above the Q1 uptick nationally. Crain’s Chicago Business reports that the number of new EVs registered across the state totaled 9,821 January through March, compared with “just” 6,535 EVs registered in the state during the same period in 2024.
Those numbers represent more than 50% growth in EV registrations – far beyond the expected 12% first-quarter increase nationally being projected by Cox Automotive. (!)
What’s going on in Illinois?
While President Trump and Elmo were running for re-election, they campaigned on the threat promise of canceling the $7,500 federal tax credit for EVs. Along with California Governor Gavin Newsom, Illinois’ Governor JB Pritzker made countermoves – launching a $4,000 rebate for new electric cars and up to $1,500 for the purchase of a new electric motorcycle.
At the same time, the state’s largest utility, ComEd, launched a $90 million EV incentive program featuring a new Point of Purchase initiative to deliver instant discounts to qualifying business and public sector customers who make the switch to electric vehicles. That program has driven a surge in Class 3-6 medium duty commercial EVs, which are eligible fro $20-30,000 in utility rebates on top of federal tax credits and other incentives (Class 1-2 EVs are eligible for up to $7,500).
We covered the launch of those incentives when the program was announced at Chicago Drives Electric last year, but the message here is simple: incentives work.
SOURCES: Chicago Business, Ray Cunningham; featured image by the author.
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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.
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.
SOURCE | IMAGES: XCMG.
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