Japan’s largest automaker is struggling as low-priced Chinese EV makers, like BYD, continue gaining an edge. Toyota’s global output fell for the first time in four years in the first half of 2024. Is the company’s slow shift to EVs to blame?
Toyota’s global output drops amid slow EV shift
It’s no secret by now that Toyota is one of the biggest laggards in the industry’s transition to all-electric vehicles.
The company built 4.71 million vehicles in the first half of fiscal 2024, down 7% from the record 5.06 million built last year. This is also the first time in four years that Toyota’s global production has slipped.
After halting production of the popular Yariss Cross and Corolla Fielder due to improper vehicle certifications in Japan, Toyota’s domestic output slipped 9.4% in the first half of the year.
Toyota said a recall on the Prius hybrid also led to lower production. Overseas, Toyota’s production slipped nearly 6% to 3.17 million units. In North America, volume was down by 1.7%, while in Europe, volume was up by 3.2%.
2024 Toyota bZ4X (Source: Toyota)
Toyota was hit especially hard in China, with output crashing 17%. Like many legacy automakers, Toyota is struggling to keep pace with Chinese EV leaders like BYD with extremely low-priced models.
BYD’s cheapest EV, the Seagull, starts at under $10,000 (69,800 yuan) and continues to sit atop the sales charts.
BYD Dolphin (left) and Atto 3 (right) at the 2024 Tokyo Spring Festival (Source BYD Japan)
Between April and September 2024, Toyota’s global sales fell 2.8% to 5 million units. This was the first decline in two years, with domestic (-9.3%) and overseas (-1.6%) falling.
Although EV sales rose 32.5% to 78,178 units, Toyota cut production plans for all-electric vehicles by 30% by 2026.
Toyota EV battery roadmap (Source: Toyota)
Toyota now expects to build around 1 million EVs by 2026, down from its previous 1.5 million target.
Electrek’s Take
As one of the slowest automakers to transition to all-electric vehicles, Toyota is feeling the pressure. And it’s not only in China.
Chinese EV makers, like BYD, are quickly expanding overseas as the domestic market is becoming saturated with low-priced competitors.
BYD launched its third EV in Japan this summer, the Seal, which is often compared to Tesla’s Model 3. The Seal joins the Dolphin and Atto 3, two of BYD’s top-selling EVs. Starting at around $24,500 (¥3.63 million), the Dolphin EV is a direct threat to the Toyota Prius and Nissan LEAF.
Earlier this month, The Central Japan Economic and Trade Bureau held a seminar (via Nikkei) to explore trends in the EV industry.
The event showcased around 90,000 parts from 16 foreign automakers, and around 70 auto parts companies were in attendance.
BYD’s Atto 3 electric SUV, which starts at under $20,000 (140,000 yuan) in China, stole the show. One guest asked, “How can it be produced at such a low cost?”
With Toyota promising its next-gen batteries will enable more efficient, lower-priced EVs, will it be too little too late? The company says its “Popularisation” LFP batteries, due out by 2027, will provide over 373 miles (600 km) WLTP driving range.
According to data from CnEVPost, BYD accounted for nearly a third of the LFP batteries installed in China in September. In China, LFP batteries account for almost 75% of the market.
Tesla is now buying advertising on Elon Musk’s X (formerly Twitter) to get Tesla shareholders to vote for his CEO compensation package worth up to $1 trillion in stock options.
Tesla, under Elon Musk’s leadership, has famously been against advertising. The CEO is even on the record saying that he “hates advertising” and that “other companies spend money on advertising and manipulating public opinion, Tesla focuses on the product.”
However, that was before he acquired Twitter, now X, which relies heavily on advertising.
The automaker is in a full-on marketing blitz to convince shareholders to vote for the package and to allow Tesla to issue more shares in exchange.
Now, Tesla is even buying social media ads to push shareholders to vote for Musk’s compensation package and they are even buying ads on Musk’s privately owned platform, X:
They are also buying ads on Instagram, Facebook, and Reddit.
As we previously reported, Tesla’s board has claimed that voting for the compensation package will determine the future of Tesla.
Musk went even further and linked his compensation package to the future of the world.
Earlier today, the CEO claimed that his compensation plan is not about money, but about control over Tesla:
It’s not about “compensation”, but about me having enough influence over Tesla to ensure safety if we build millions of robots. If I can just get kicked out in the future by activist shareholder advisory firms who don’t even own Tesla shares themselves, I’m not comfortable with that future.
The CEO previously threatened Tesla shareholders not to build AI products at Tesla, despite claiming they were critical to the company’s future, if he doesn’t get 25% control over the company.
Electrek’s Take
The CEO of a publicly traded company threatens shareholders to gain control over the company and uses company funds to purchase ads that benefit his privately held company, with the goal of persuading the shareholders of the publicly traded company to give him more money.
If that’s not late-stage capitalism, I don’t know what is.
Also, I know I won’t shock anyone here, but Elon is lying about this not being about money.
If he wants to increase his percentage of Tesla shares, he could do exactly what his friend Larry Ellison did with Oracle and do long-term buybacks. It would benefit everyone, but it’s not what he wants. He wants the shiny new stock options.
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Voltpost just rolled out the Voltpost Air, its next-gen lamppost EV charger in New York City, and this one comes with a key twist: it’s mounted 10 feet above ground.
The Voltpost Air uses that elevated design with a retractable cable system to protect against weather damage and vandalism, setting it apart from Voltpost’s original curbside charger. It’s also built for faster installation, broader pole compatibility, and better reliability.
It can be installed on both wooden and metal lampposts and utility poles, curbside or in parking lots. Site hosts can deploy one or two chargers per pole, making it a flexible option for cities and property owners. Drivers can pay with the app or by tapping with a credit card. Voltpost Air supports Level 2 charging, up to 9.6 kW per charging port.
Luke Mairo, COO and cofounder of Voltpost, said that “the modular design and quick installation reduce costs and complexity, making it easier than ever to expand charging infrastructure.” Voltpost is already operating chargers in Oak Park, Illinois, and at the American Center for Mobility near Detroit. The company has projects underway in New York, California, Michigan, Illinois, Connecticut, and Massachusetts.
Former US Joint Office of Energy and Transportation executive director Gabe Klein, now a Voltpost board advisor, said, “The transition to renewable transportation requires bold, scalable solutions that can integrate seamlessly into existing urban infrastructure. Technologies like Voltpost’s lamppost chargers are vital because they unlock new opportunities to deploy EV charging.”
The Brooklyn installation is part of New York City Economic Development Corporation’s (NYCEDC) Pilots at Brooklyn Army Terminal (BAT) program, which supports climate-tech companies in scaling new solutions. It’s expected to be available to the public by the end of the year. New York State Energy Research and Development Authority (NYSERDA) president and CEO Doreen M. Harris called the model “highly replicable” and said it could be adopted across New York State.
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Voltpost Air is now available for deployment at public and private sites.
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Is Kia’s electric van finally coming to the US? The Kia PV5 was caught testing with a unique design, hinting it’s destined for the US.
Is Kia’s electric van coming to the US?
Although Kia has yet to announce it publicly, all signs point to the PV5 launching in the US. In February, the electric van was first spotted charging at a station in Indiana.
A few photos and a video sent to Electrek confirmed it was indeed the Kia PV5. The sighting came somewhat as a surprise, as the only official statement from Kia said the PV5 would arrive in Europe and South Korea this year, followed by “launches in other markets” in 2026, but no mention was made of the US.
After another PV5 was spotted in Arizona, rumors that Kia’s electric van was coming to the US began to surface again.
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Kia still has yet to confirm or deny a US launch, but another sighting hints at the PV5’s imminent debut. The latest spotting, by KindelAuto, appears to be of the US-spec 2026 Kia PV5.
It looks about the same as the Kia PV5 Passenger, which is already available in parts of Europe and South Korea. However, although it’s not very clear, Kia’s electric van appears to have added side marker lights, a requirement in the US.
Following its launch in the UK earlier this year, the Kia PV5 Passenger is now being introduced to new European markets.
The Kia PV5 Passenger electric van (Source: Kia)
In the UK, it starts at £32,995 ($44,000) on the road. In Germany, the PV5 Passenger is priced from €38,290 ($45,000) or €249 per month.
Kia’s electric van is available in two variants: Passenger, for everyday driving, and Cargo, for business use. The PV5 Passenger is available with two battery pack options: 51.5 kWh and 71.2 kWh, providing WLTP ranges of 183 miles and 256 miles, respectively. Meanwhile, several more variants are on the way.
Kia PV5 tech day (Source: Kia)
During its PV5 Tech Day in July, we learned that Kia plans to launch seven PV5 body types, including a Light Camper, a premium “Prime” Passenger model, and an open bed version.
We’ll have to wait for the official word, but there’s still hope Kia’s electric van will make it to the US. We should find out soon. Can we get the EV5 too? That might be pushing it.
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