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Toyota is tightening the reins after seeing its first quarterly profit drop in two years. To maintain profits, Toyota plans to “hold off on investment decisions until the very last moment,” including EV and hybrid investments.

Toyota announced that its operating income in the first half of fiscal 2025 fell to around $16 billion (2.64 trillion yen).

In the second quarter, operating profit slipped 20% to about $7.55 billion (1.16 trillion yen), Toyota’s first quarterly profit loss in two years.

The lower profits are due to fewer car sales caused by certification issues that caused Toyota to pause production of its popular Yariss Cross and Corolla Fielder in Japan. A Prius recall in the US also led to fewer cars being sold globally.

As a result, Toyota’s global output fell for the first time in four years in the first half of fiscal 2025. Toyota built 4.71 million vehicles, down 7% from its record 5.06 million vehicles produced last year.

Toyota’s domestic output fell 9.4%, while overseas production dropped 6%. The company was hit especially hard in China, where domestic automakers like BYD continue squeezing foreign automakers out of the market with competitive, low-cost EVs.

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2024 Toyota bZ4X (Source: Toyota)

Toyota to hold off on EV investments until last moment

Although Toyota said production is expected to recover in the second half of the fiscal year, the full-year total is expected to be 9.4 million, which is 100,000 vehicles less than last year.

Toyota’s vice president, Yoichi Miyazaki, outlined how Toyota plans to maintain operating income while still investing in the company’s future.

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Toyota Land Cruiser Se EV concept (Source: Toyota)

With EV and other next-gen tech investments dragging down profits, Toyota will “hold off on HEV, PHEV, BEV, or FCEV” investment decisions until “the very last moment,” Miyazaki said. The company plans to closely monitor the market before making a decision.

Meanwhile, the company is still advancing new tech, including advanced EV batteries. Toyota’s vice president confirmed the company is developing three types of EV batteries in-house: Ternary, LFP, and all-solid-state.

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Toyota EV battery roadmap (Source: Toyota)

In March, Toyota’s battery unit (Toyota Battery) became a wholly owned subsidiary. The company said the move helps “optimize timing” and is crucial for mass-producing different types of batteries.

“There are two main things we want to accomplish,” Miyazaki explained. The first “is to increase how quickly we can respond to environmental changes in an age in which it is hard to predict the future.” Secondly, it is “to improve the fundamental capabilities that will enable us to carry on into the future.”

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Ford beat every supercar at Goodwood with a truck because EVs are just better

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Ford beat every supercar at Goodwood with a truck because EVs are just better

The Goodwood Festival of Speed happened this weekend, and Ford’s electric SuperTruck managed to beat every other vehicle, gas or electric, to the top of the hill.

The Goodwood Festival of Speed is a yearly event on the grounds of Goodwood House, a historic estate in West Sussex, England. The event started in 1993, and has become one of the largest motorsports festivals in the world.

Many companies attend Goodwood to debut new models, and enthusiasts or race teams will show off rare or customized vehicles or race unique cars.

One of the central features of the event is the Goodwood hillclimb, a short one-way race up a small hill on the property. The track is only 1.17mi/1.89km long, with a 304ft/92.7m uphill climb. It’s not a particularly taxing event – merely a fun way to show off some classic or unique racing vehicles.

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As is often the case, companies brought out several interesting EVs to the event, including Honda’s Super EV concept, the recently-unveiled Hyundai Ioniq 6N, and the upcoming Porsche Cayenne EV, still in camouflage after recently setting an SUV record at another UK hillclimb.

Many of these cars came just to show off, to do a demonstration run up the hill and join the company of the world’s most exotic hypercars.

But some cars show up for the glory, and join “the shootout,” the sprint up the hill for the best time.

And Ford didn’t come to show off, it came to win. And in order to win, it brought…. a truck.

The F-150 “SuperTruck” / Source: Ford

Ford’s SuperTruck is a one-off, 1,400+ horsepower prototype electric vehicle, supposedly based on the F-150 Lightning, but in fact bearing almost no similarity or even resemblance.

It’s been festooned with aerodynamic elements all about, lowered, equipped with race tires, and power output has been boosted to the aforementioned 1,400hp. It was driven by Romain Dumas, who Ford have been using since 2022 to drive their electric prototypes.

For the purposes of a hillclimb, perhaps the most important aspect is the Ford’s electric drive. Hillclimbs are a popular form of racing in Britain, and often consist of a short sprint up a small hill, showcasing acceleration and nimbleness more than anything.

Electric cars do well in this sort of racing due to their instant low-end torque, being able to jump off the line faster than the gas competition. They also tend to have plenty of torque, which helps with carrying them up the hills involved.

EVs do well on longer hillclimbs too, because as races reach higher and higher altitudes, gas cars suffer from reduced power due to less oxygen being available for combustion. EVs don’t suffer from this, so they tend to do well at, say, Pike’s Peak hillclimb – which, incidentally, Ford also brought its SuperTruck to, and also beat everybody at.

This year was not the first time Ford has brought a ridiculous electric chonker to Goodwood. Last year, it brought the SuperVan, which has a similar powertrain to the SuperTruck, and also beat everybody.

The SuperVan’s main competition last year was Subaru’s 670hp “Project Midnight” WRX, piloted by Scott Speed, who Dumas handily defeated by over two seconds, 43.98 to 46.07. And this year, the SuperTruck’s main competition was… the same Subaru, piloted by Speed, who Dumas handily defeated by just under two seconds, 43.23 to 45.03.

Ford did not, however, set an all-time record with the SuperTruck, in fact coming in fifth on the list of fastest runs ever. In front of it are two gas cars and two electric – the gas-powered Gould GR51, a tiny open-wheel race car, with a 42.90; an F1 car driven by Nick Heidfeld that set a 41.6 in 1999; the electric VW ID.R, also piloted by Dumas with a 39.90 (which broke Heidfeld’s 20-year record); and the all-time record holder the electric McMurtry Spierling “fan car,” with a mind-blowing 39.08 in 2019.

You’ll notice something similar about all of these – they’re all small racecars that are actually built for speed, whereas the truck is… a big truck. And yet, Ford still managed to beat every single challenger this year, with its big honker of an EV, because EVs are just better.

Watch the run in full below, starting at 9:34. Blink and you’ll miss it.

And now, if Ford continues its pattern, we’re looking forward to seeing the Super Mustang Mach-E at Goodwood next year, which did well this year at a tough Pike’s Peak, getting first in its class and second overall, likely due to inclement conditions that limited running to the lower portion of the course, limiting the EV’s high-altitude advantages.

Given the Super Mustang is a real racecar, and not a chonky truck, it might even give VW’s ID.R time a run for its money (but, frankly, really has no shot at the overall record, because the Spierling’s “fans” give it an absurdly unbeatable amount of downforce).


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GM gears up to build low-cost LFP EV batteries in Tennessee after announcing new upgrades

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GM gears up to build low-cost LFP EV batteries in Tennessee after announcing new upgrades

GM is preparing to begin converting production lines at its battery plant in Tennessee later this year for low-cost LFP EV batteries. GM’s joint venture, Ultium Cells, announced additional upgrades at the facility on Monday as it prepares for a new era.

GM will build low-cost LFP EV batteries in the US

After beating out Ford and Hyundai last year to become America’s second-best EV seller, GM is widening its lead in 2025.

Ultium Cells, GM’s joint venture with LG Energy Solution, announced plans to upgrade its Tennessee battery plant on Monday as it prepares to introduce lower-cost lithium-iron-phosphate (LFP) battery cells.

The upgrades build on the $2.3 billion investment announced in April 2021 to convert the facility into a key EV and battery hub. The company initially said the Tennessee plant was “at the heart of GM’s EV strategy,” but that was also when GM was still committed to an all-electric future.

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GM will begin converting production lines to accommodate the lower-cost LFP batteries at the facility later this year. By late 2027, the company expects to start commercial production.

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Ultium Cells Spring Hill, Tennessee plant (Source: Ultium Cells)

With LFP batteries, GM said it’s “targeting significant battery pack cost savings compared to today’s high-nickel battery pack while increasing consumer EV choice.”

The Spring Hill, Tennessee, plant currently employs around 1,300 employees. With the ability to produce multiple chemistries, GM said the facility will “guide the next phase of” its battery strategy.

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2025 Chevy Equinox EV LT (Source: GM)

After choosing Spring Hill for its LFP batteries, the next step, according to GM, is finding a home for lithium manganese-rich batteries. GM recently announced plans to become the first company to produce LMR prismatic battery cells at commercial scale.

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GM plans to build a “next-gen affordable EV) in Kansas (Source: GM)

Meanwhile, GM’s Warren, Ohio, plant will continue producing NCM batteries, which it says have helped it unlock over 300 miles of range.

Electrek’s Take

GM’s electric vehicle sales more than doubled in the second quarter, led by the hot-selling Chevy Equinox EV. The company sold nearly 46,300 EVs in Q2, up 11% from last year.

Chevy is currently the fastest-growing EV brand in the US, while Cadillac claims to have already achieved “EV leader” status in the luxury segment this year. However, that does not include Tesla.

Even GMC is building momentum with the new Sierra EV, seeing strong initial demand, and Hummer EV sales are picking up.

With new, lower-cost batteries on the way, GM aims to continue narrowing the gap with Tesla. GM offers 13 electric vehicles, covering nearly every segment of the market. It already calls the Chevy Equinox EV “America’s most affordable +315 range EV,” but GM has even lower-priced models on the way, including the next-gen Chevy Bolt EV.

Ready to test drive one for yourself? You can use our links below to find Chevy, Cadillac, and GMC EVs in your area.

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Elon Musk says Tesla is going to have ‘the most epic demo ever’, but we heard that before

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Elon Musk says Tesla is going to have 'the most epic demo ever', but we heard that before

Elon Musk is teasing Tesla doing “the most epic demo ever”, but we heard him claim that before and nothing came of it.

On X last night, Tesla CEO Elon Musk said that he was shown something at the Tesla Design Studio and that the company will hold the ” most epic demo ever by the end of the year”:

Just left the Tesla Design Studio. Most epic demo ever by the end of the year. Ever.

I used to get excited about Musk making statements like that, but I was burned one too many times.

In 2016, Musk said this:

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Our goal is, and I feel pretty good about this goal, that we’ll be able to do a demonstration drive of full autonomy all the way from LA to New York … by the end of next year.

The end of 2017 came and went without this demonstration and now in 2025, Tesla can’t do it either.

However, since Musk referenced being at Tesla’s Design Studio, where it mostly works on car designs and advanced features, people are speculating that it’s something else.

A possibility is the next-gen Tesla Roadster, as Musk has made similar comments about it in the past, but they were again about demonstrations that never happened.

Shortly after the unveiling of the next-gen Roadster in 2017, Musk talked about adding cold air thruster to the supercar to allow it to have unprecedented racing performance and even possibly hover over the ground.

In 2019, Musk told me that Tesla aimed to do a demonstration of that by the end of 2020:

5 years later, it never happened, and the Roadster was initially supposed to come to market in 2020. It has never launched.

In 2024, Musk claimed that Tesla would unveil and demo the new Roadster by the end of the year:

It also didn’t happen, and the CEO instead said that Tesla was “close to finalizing design” at the end of 2025.

Electrek’s Take

The comment about the demo makes me think of the Roadster, but it could be something else. Maybe a bot, but I’m not sure out of the design studio.

Either way, for the reasons listed above, it’s hard to get too excited.

You can’t just believe what Musk says these days. Historically, he has been wrong or lied too often, especially about upcoming demonstrations like this new comment.

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