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Toyota released its financial results for the fiscal year ending March 31, 2023, on Wednesday, as new CEO Koji Sato took over the reins. With the market “rapidly progressing,” Toyota is increasing its EV investments, including plans for a new dedicated platform and next-gen models, which will be revealed this fall.

The Japanese automaker has been arguably the biggest laggard when it comes to fully electric vehicle technology.

After longtime leader and grandson of the company’s founded, Aki Toyoda, stepped down from his position earlier this year, many believed incoming CEO Koji Sato would turn things around.

Despite sticking to a hybrid strategy that includes hybrids and fuel cell vehicles, Sato has indicated he will accelerate Toyota’s fully electric vehicle tech development. Last month, Sato revealed his new vision for the company, including significantly boosting EV productivity and profitability.

Those plans include 10 new battery electric vehicles (BEVs) and 1.5 million EV sales (as a “base volume”) annually by 2026.

Toyota has hinted at the idea of a dedicated EV platform to boost efficiency and streamline production, but Sato confirmed these plans Wednesday.

Toyota-EV-platform

Toyota confirms a dedicated EV platform is in the works

During Toyota’s fiscal earnings release, Sato said the automaker will invest an additional 1 trillion yen ($7.5 billion) into EV development and production by the end of 2030.

Sato added:

Our new models scheduled for launch in 2026 will be built on three new platforms: the body and chassis, the electronic platform, and the software platform. They will all be renewed as we aim to achieve mobility by way of a new vehicle packaging with a rational structure that is unique to BEVs.

Toyota says its dedicated EV platform will double range in future models with more efficient batteries. The company also revealed its new in-house BEV development center, “BEV Factory,” to accelerate Toyota’s EV competitiveness.

The main objective is to enhance the manufacturing process to reduce costs and improve efficiency.

Its next-gen EV, due out in 2026, is expected to be a sleek sporty-looking vehicle with enhanced aerodynamics, based on the images teased by Toyota.

Electrek’s Take

It looks like Toyota is recognizing the urgency to boost competitiveness when it comes to EVs. The automaker is taking a page from Tesla’s playbook, as many automakers are with a dedicated EV platform and manufacturing efficiency.

Although Toyota is seeing an uptick in BEV sales in China, it’s still far behind the crowd in the region and globally.

Waiting until 2026 to release its next-gen EVs may still be too long, with several highly anticipated models expected between now and then.

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Oil prices falls more than 3% as Trump holds off on Iran strike, hopes for negotiations

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Oil prices falls more than 3% as Trump holds off on Iran strike, hopes for negotiations

U.S., Israel and Iran flags are seen in this illustration taken June 18, 2025.

Dado Ruvic | Reuters

Oil prices fell more than 3% on Friday as President Donald Trump holds off for now on helping Israel to destroy OPEC member Iran’s nuclear program.

Global benchmark Brent fell $2.78, or 3.53%, to $76.07 per barrel. U.S. crude oil gained 84 cents, or 1.12%, to $74.30 per barrel.

Trump said Thursday that he would make his decision on striking Iran within the next two weeks, but wanted to provide space for potential negotiations to take place over the Islamic Republic’s nuclear program.

“Based on the fact that there’s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks,” Trump said in a statement read aloud by White House Press Secretary Karoline Leavitt on Thursday.

Though Trump is holding back, Israel is escalating its attacks on Iran after eight days of conflict. Prime Minister Benjamin Netanyahu has ordered Israel’s military to intensify its strikes on strategic and government targets in Iran, after an Iranian missile hit a major hospital in southern Israel, Defense Minister Israel Katz said on Thursday.

Catch up on the latest energy news from CNBC Pro:

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Tesla releases details about ‘Robotaxi’ launch: there’s a ‘safety monitor’ in front seat

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Tesla releases details about 'Robotaxi' launch: there's a 'safety monitor' in front seat

Tesla has released the details about its planned ‘Robotaxi’ launch in Austin, Texas, this weekend, and it’s even worse than we thought. There’s going to be a “safety monitor” in the front seat.

Over the last few weeks, we have been discussing how Tesla’s planned launch of a “Robotaxi” service was a game of smoke and mirrors, meant to improve the optics of the automaker’s self-driving efforts as Waymo emerges as a clear leader.

The planned service is a geo-fenced and teleoperation-supported ride-hailing service operated by a small internal fleet, which is completely different from Tesla’s long-promised unsupervised self-driving in consumer vehicles through its “Full Self-Driving program.”

Furthermore, we have been reported on Tesla’s limited testing in Austin, which CEO Elon Musk claimed involved “no driver”, but test vehicles have all been spotted with Tesla employees in the front passenger seats with access to buttons to stop the car or have it pull over.

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In comparison, Waymo tested its vehicles for 6 months with a safety driver in the car and 6 months without a safety driver in the car in Austin before launching its commercial service earlier this year.

Now, Tesla has sent invitations to some known pro-Tesla influencers, primarily on Musk’s X social media platform, to experience the launch of the Robotaxi service this weekend.

The invitations confirm extreme limitations in the service, with the most significant one being the presence of a “safety monitor” in the passenger seat.

Here are the other requirements listed:

  • You must agree to Terms of Service, Rider Rules, Privacy Notice, and Service Animal Policy.
  • You must have a credit/debit card on file.
  • You can request a ride via the app from 6:00 AM to 12:00 AM, within the geofenced area (excluding airports).
  • Operational hours and geofence details are available in the app and may change.
  • Service may be limited or unavailable in inclement weather.
  • Only the invited user may download and use the Robotaxi app.
  • Participants must be courteous and respectful; unsafe or disrespectful behavior may lead to termination.
  • Riders should provide a star rating and feedback in the app.
  • Photos and videos of the experience are permitted.
  • Smoking, vaping, consuming alcohol, and using drugs are not permitted inside the Robotaxi.
  • Robotaxi may not be used in connection with any crime or to transport weapons or illegal/hazardous materials (e.g., flammable or combustible liquids).
  • Surveillance, reverse engineering, or recording of proprietary Robotaxi components or features is strictly prohibited.
  • Tesla may suspend or terminate access if:
    • You violate any of these rules.
    • You post or share content on social media that depicts misuse or violations inside the Robotaxi.

In short, Tesla’s “Robotaxi” service is going to launch with the supervision of Tesla employees in the front seat at all times. It’s limited to 6 am to 12 am and it doesn’t work in “inclement weather.

Electrek’s Take

Again, like I repeatedly said, this is all about optics. Tesla is just trying to get a win and say that it “launched its robotaxi on time in June” when this is basically Tesla’s public FSD with the supervising driver being moved to the passenger seat.

At least it’s going to be safer than if Tesla went without it, but it clearly shows that Tesla is falling far behind Waymo and the competition when it comes to self-driving.

The main thing that people like about Waymo and there are even willing to pay more than Uber is the fact that there’s no one else in the car.

This simply won’t scale. Tesla has yet to solve self-driving. It needs to focus on that instead of appearences.

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Podcast: Tesla Robotaxi launch, new Nissan Leaf, Ford low cost EVs, and more

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Podcast: Tesla Robotaxi launch, new Nissan Leaf, Ford low cost EVs, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the Tesla Robotaxi launch this weekend, the new Nissan Leaf, Ford’s upcoming low-cost EVs, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

Today, the episode is live at 8 a.m instead due to Fred’s travels in China.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

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After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 8:00 a.m. ET (or the video after 9 a.m. ET):

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