Toyota CEO Akio Toyoda, who has been leading the company since the global financial crisis, is stepping down amid mounting pressure as the industry moves to electric vehicles.
Toyoda, the 66-year-old grandson of the company’s founder has been one of the most outspoken critics of going all in on electric vehicles despite the rest of the industry moving forward.
Instead, he has continuously stood by his hybrid approach, which includes hybrid, fuel-cell, and even gas vehicles. Toyota’s most highly anticipated release last year was its 5th generation Prius, which, despite the additional all-electric range, is “becoming the best CD player in a world moving to iPhones.”
As a result of its efforts (or lack thereof) in fully electric, zero-emission technology, Toyota ranked among the world’s most obstructive companies in 2022, with oil giants like ExxonMobil.
Toyota’s first electric vehicle, the bZ4X, resumed sales in October after concerning safety recalls derailed its rollout. While many automakers are already achieving double-digit EV sales, Toyota generated less than 1% of total US sales from zero-emission vehicles, selling a mere 1,220 units last year.
Toyota has one of the least developed supply chains for reducing carbon emissions, even going as far as lobbying against anti-climate policies. For this reason, the automaker has become the target of climate activists across the globe. Even other automakers are taking jabs at Toyota, such as Polestar’s head of sustainability, when questioned about Toyota’s hybrid strategy, said:
It’s not possible. We cannot continue using fossil fuels.
As the pressure builds for an all-electric future, Toyota may be heading in a new direction as Toyoda steps down, handing the reigns to a new CEO tasked with bringing the company into the modern era.
Toyota CEO steps down as electric vehicles become focus
Toyota will pass the baton to 53-year-old Lexus chief branding officer Koji Sato. The longtime CEO told reporters:
To advance change at Toyota, I have reached the decision that it is best for me to support a new president while I become chairman.
The change Toyoda is looking to advance is in regards to electric vehicles and navigating the industry moving forward. In a newscast, Toyoda announced one of the reasons he appointed Sato was due to his ability to “promote change in an era in which the future is unpredictable.”
The company’s new CEO, that takes over in April, addressed the transition, saying:
We would like to demonstrate this commitment [to make cars better] through concrete actions and products, such as accelerating the shift to electrification and engaging in car-making that responds to diverse values and local needs.
Toyoda will remain with the company as chairman of the board of directors after Takeshi Ichiyamada resigned from his position.
Electrek’s Take
Can Toyota’s new CEO drag it out of the past and into the modern era? That’s what direction it seems the company is trying to take here.
Following Honda’s announcement earlier this week that it’s overhauling its business strategy to focus on electric vehicles and become “a company society wants to exist in the electrified era,” another Japanese automaker is seemingly changing its stance.
After seeing the continued success of EV makers like Tesla and BYD, reports have suggested Toyota is considering building an EV platform from scratch. For its current electric vehicle, the bZ4x, the company uses a modified gas car platform called the e-TNGA.
A new dedicated EV platform would help the company streamline production and better compete in the new EV era. We’ll see in which direction the new CEO takes it, but from his comments, he seems more open to the idea of an electric future.
He will have to act fast if he wants the company to compete in the new era of electric vehicles, with most automakers already lightyears ahead in terms of EV production. With zero EVs under his belt, Sato may have a difficult road ahead.
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Rivian will power its DC fast-charging network with renewable energy company RWE’s Champion Wind farm in Texas.
The two companies just signed a 15-year power purchase agreement (PPA) for electricity from RWE’s repowered Champion Wind in Nolan and Mitchell counties, west of Abilene.
The 127-megawatt (MW) Champion Wind is getting new turbine nacelles and blades, which will extend the wind farm’s lifespan. Originally commissioned in 2008, the wind farm is expected to be fully upgraded by mid-2025. When the wind farm is back online, it’ll be capable of generating enough electricity to power nearly 1 billion miles of renewable driving every year for Rivian, or the equivalent of powering 36,000 homes annually in Texas.
This wind power is set to support Rivian’s DC fast-charging Adventure Network with renewable energy. Rivian has set a specific goal to enable 7 billion miles of renewable driving.
Paul Frey, Rivian’s VP of propulsion, charging & adventure products, said, “Champion Wind is a powerful enabler for Rivian drivers to become active participants in building a cleaner grid every time they charge their vehicle. This project shows the potential to meaningfully decarbonize the grid and support a more circular economy through reuse and recovery of existing infrastructure, all while maintaining highly competitive economics.”
Siemens Gamesa is supplying 41 turbines with new nacelles and blades on existing towers. The nacelles and blades are being manufactured in the US. In addition, as part of the repowering project, six new Siemens Gamesa turbines rated at 3.1 MW each will also be added to the wind farm.
The decommissioned wind turbine blades from Champion will be repurposed. RWE is working with REGEN Fiber, an Iowa-based company that recycles wind turbine blades to make reinforcement fibers for the construction industry. Those fibers are then used in concrete to add strength and durability, extending the lifespan of infrastructure.
RWE is the third-largest renewable energy company in the US.
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Rivian is bringing back its “All-Electric upgrade offer” from now until November 30th, but with some changes to the program.
Earlier this year, Rivian offered $1k-$5k off a new Rivian if you trade in an old gas car, from April to June. The offer was available for specific vehicles, and with a sliding discount scale based on which Rivian vehicle you order.
Now the program has come back, but with quite a few changes from the previous version.
As of today, October 31, if you buy a new Rivian R1T or R1S new inventory vehicle from the R1 Shop, you can get a $3,000 discount if you also prove that you own or lease a qualifying gas-powered vehicle.
This is simultaneously simpler, more lenient, and more restrictive than the previous offer, in various ways.
First, the discount is a flat $3k (or $4,100 CAD), rather than having a scale based on what model you order, which is more streamlined.
Second, the discount applies to every gas or hybrid vehicle owner – you don’t have to trade in your vehicle, and you’re not limited to a specific list of vehicles. Just prove that you own or lease a gas car (copy of registration, proof of insurance, etc), and you get the discount.
However, third, it’s more restrictive as to what vehicles you can purchase. The current offer applies only to Rivian new inventory vehicles in the R1 Shop, and excludes demo vehicles, pre-owned vehicles, or custom build vehicles. It also does not apply to Rivian’s base Dual Standard models, but everything else is fair game.
In order to qualify, you need to place your order between today and November 30, and you must take delivery of the vehicle before December 31. Check out all the specifics of the offer on Rivian’s site here.
Electrek’s Take
Rivian is clearly trying to round out its yearly numbers with this offer, as the market for pricy cars is somewhat soft with increased interest rates. It just slightly lowered its annual delivery guidance, now planning to see roughly similar deliveries this year than last.
But its R1 vehicles just got a huge refresh to help the company with costs and to offer new features. The R1S is still one of the most popular high-priced vehicles in the US, and the company’s products earn universal acclaim from owners.
The interesting thing is that Rivian had a similar offer earlier this year, before the refresh, to help clear out inventory of older vehicles. It didn’t see it fit to offer the discount last quarter, perhaps buoyed by the updated model, but after a rough Q3 of deliveries it now brought the offer back.
Rivian is still guiding to reach a slight gross profit in Q4, though we’re sure we’ll hear more about that in its upcoming quarterly earnings next week.
If our coverage of Rivian has helped inform you about the brand, feel free to use our Rivian referral code to get 6 months of free charging or 750 Rivian Rewards points with your purchase.
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Hyundai’s new low-cost EV is getting a bold design upgrade. The Hyundai Casper EV Cross was spotted for the first time in public, revealing new design elements.
Although we knew a rugged “Cross” variant was headed to Europe, this was the first time the domestic model was spotted with an upgraded design.
The Inster EV is Hyundai’s overseas version of its domestic Casper Electric model. In Korea, Hyundai’s Casper EV starts at around $20,000 (27.4 million won). Hyundai said its new EV can be bought for under $8,000 (10 million won) with subsidies.
In Europe, it starts at under $27,000 (25,000 euros). The Cross variant is built for “those looking for an EV with a more adventurous look,” Hyundai said.
Although it offers the same versatility as the standard model, the Inster EV Cross gains rugged design elements, including new front and rear bumpers, black claddings, skid plates, a roof rack, and more.
Here’s our first look at the Hyundai Casper EV Cross
After a rugged new variant with the Casper EV logo was spotted in Korea for the first time, a Cross model is expected to debut shortly.
The new video from HealerTV reveals added design elements, including the roof rack and more aggressive black trim.
The reporter notes that the Hyundai Casper EV Cross has a “much more mechanical and futuristic feel than the existing model.”
It almost appears “robot-like” with an added off-road feel. The Inster EV Cross gets up to 223 mi (360 km) WLTP driving range. In Korea, the Casper Electric is rated with up to 195 miles (315 km) driving range.
Although Hyundai Casper (Inster) EV is not expected to launch in the US, the low-cost model was spotted driving in California for the first time this month.
In the meantime, off-road fans can get in line for Hyundai’s upgraded 2025 IONIQ 5, which will be available with a rugged XRT trim. The 2025 IONIQ 5 XRT model was also recently caught testing ahead of deliveries.
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