Toyota shareholders raise concerns over Tesla’s EV lead – Here’s the company’s response
At a recent general meeting, Toyota’s shareholders raised concerns over Tesla and the lead it has established as the industry moves to electric vehicles.
Toyota shareholders concerned over Tesla’s EV lead
On two oppositive sides of the EV spectrum, you have Tesla, which sells 100% electric vehicles, and Toyota, which has been one of the biggest laggards (if not the biggest) regarding pure EVs.
Tesla delivered a record 466,140 electric models in the second quarter of 2023, crushing expectations again. The EV pioneer has delivered 888,000 units through the first half of the year and needs less than one million deliveries to hit its 1.8 million 2023 goal by the end of the year.
Meanwhile, of the over 4.15 million vehicles Toyota sold globally in 1H 2023, only a fraction (roughly 0.19%) were purely electric.
After shareholders raised concerns over Tesla and its dominant lead with EVs, several leaders were quick to point to Toyota’s hybrid approach, including hybrid and fuel cell vehicles (FCEV), a strategy that has already set them behind industry competitors.
Despite its resistance to going all-electric, the Japanese automaker has introduced several new ideas to accelerate its BEV strategy recently, several of them directly from Tesla’s playbook.
In May, Toyota’s newly elected CEO, Koji Sato, revealed the automaker was developing a “completely new platform designed exculsivly for BEVs” expected to launch in 2026.
And then last month, Toyota shared a few new technologies and processes it was working on to transform the company in the electric era including incorporating a simple body structure through Giga casting, a process used by Tesla to reduce the number of pieces needed to make the car.
Toyota plans to integrate advanced areodynamics with next-gen EV batteries that the company claims will drastically improve driving range compared to its first electric model, the bZ4X electric SUV, while slashing production costs by 2027.
President of Toyota’s BEV factory, Takero Kato, explained to shareholders “I love BEVs. Through BEVs, I want to change the future of cars, monozukuri, and work.”
First, he says, Toyota aims to produce EVs with the same cruising range as its hybrid vehicles. Then, the automaker will improve the vehicle structure and production process to optimize efficiency.
Longtime Toyota leader who stepped down from his position as CEO (remaining on the board) earlier this year, said:
I don’t know if love can beat Tesla. However, cars made by engineers who love them will move people’s hearts.
Toyota aims to sell 1.5 million EVs by 2026 with 10 new electric models including luxury, small cars, and commercial. The automaker plans to produce its first US-assembled EV, a three-row electric SUV, at its plant in Georgetown, Kentucky.
Electrek’s Take
I think Toyota’s shareholders know the answer and that’s why they are raising concerns over Tesla.
Tesla is on track to hit 1.8 million deliveries by the end of the year while Toyota is aiming for 1.6 million in another three years. By that time, Tesla will have widened its lead by far.
Toyota continues wasting precious time and resources on inferior technology like fuel cell and hybrids, which will only slow the automakers transition even more.
The Japanese automaker seems to be recognizing the urgency after falling behind early. Its “multi-pathway” strategy is distracting it from what’s really important – developing and producing EVs.
While Tesla is laser focused on ramping production and optimizing efficiency along the way, Toyota seems to be taking several pages from the EV makers playbook while it continues investing in other technology. Not only will the strategy be costly in the end, but Toyota is far less likely to remain competitive with Tesla with its finger in every pie.
FTC: We use income earning auto affiliate links. More.
Rivian (RIVN) plans to launch a new Advanced Driver Assistance System (ADAS) this year to enable hands-free driving. The new feature is expected to be similar to Tesla’s Full-Self Driving (FSD). In 2026, Rivian will up the ante with an “eyes-free” system.
Rivian plans hands-free driving in 2025, eyes-free in 2026
At the new Rivian Space opening in San Francisco on Thursday, CEO RJ Scaringe revealed a few exciting developments to look forward to.
According to the folks at RivianForums, Scaringe said during the event that the company plans to launch a hands-free ADAS feature in 2025. Next year, Rivian will follow it up with an “eyes-free” system.
The big question is, will current Rivian R1S and R1T owners gain access? It could depend on whether you drive a Gen 1 or Gen 2 model. All Rivian models built through 2024 are considered Gen 1, while models 2025 and newer are Gen 2.
Rivian introduced the second-generation R1S and R1T last summer. They were “completely reengineered” with hundreds of hardware improvements, fully redesigned software, and more.
The upgrades include its new in-house autonomy system, Rivian Autonomy Platform. It’s powered by 11 cameras, five radars, and predictive AI.
Rivian said the new platform is “10 times more powerful” than the old system. It also features 360-degree visibility with 8X the number of camera pixels than the previous models. Gen 2 models already include features like Blind Spot Monitoring and Highway Assist.
With the premium version, drivers gain access to Lane Change, while Rivian said Enhanced Highway Assist and other features were coming soon.
Although all Rivian R1S and R1T EVs include OTA updates, some features may require additional hardware or software not included on Gen 1 models.
Rivian hands-free and attention-free autonomous highway driving will be available on the upcoming R2 model. The smaller electric SUV is due out in the first half of 2026, starting at around $45,000.
Electrek’s Take
As a Tesla Model 3 driver, I can tell you that Full-Self Driving (FSD) is fun and can be helpful at times. I’ve used it on longer trips, like through the Blue Ridge Mountains, and it makes driving or sitting in the car a little more enjoyable.
Although the system still requires you to pay attention, it enables the vehicle to drive itself almost anywhere with “minimal driver intervention.”
The new Actually Smart Summon feature is one of my favorites. Through the Tesla app, you can summon your vehicle to come to you in a parking lot. The vehicle will then move around other cars, people, and objects to find you.
Other functions, like Navigate on Autopilot, will take over while the vehicle is on the highway, changing lanes (with turn signals) and braking or accelerating as needed.
For Rivian owners, it would be like an upgraded system from Highway and Lane Change Assist. The “eyes-free” system coming next year will likely have a few regulatory hurdles to pass before it rolls out, so it should be interesting to see what that will consist of. Check back for more info soon. We’ll keep you updated with the latest.
FTC: We use income earning auto affiliate links. More.
The United Arab Emirates is building the world’s largest solar and battery storage project that will dispatch clean energy 24/7.
Emirati Renewable energy company Masdar (Abu Dhabi Future Energy Company) and Emirates Water and Electricity Company (EWEC) are developing the trailblazing solar and battery storage project. Once it’s online, will become the largest combined solar and battery energy storage system (BESS) in the world.
Located in Abu Dhabi, the project will feature a 5.2 GW solar PV plant coupled with a 19 gigawatt-hour (GWh) BESS.
His Excellency Dr. Sultan Al Jaber, minister of industry and advanced technology and chairman of Masdar, said:
For decades, the biggest barrier facing renewable energy has been intermittency – to be able to source uninterrupted clean power day and night.
In collaboration with EWEC and our partners, we will develop a renewable energy facility capable of providing clean energy round the clock.
For the first time ever, this will transform renewable energy into a world-leading 1 GW of reliable baseload energy every day on an unprecedented scale – a first step that could become a giant leap for the world.
Masdar announced China’s JA Solar and Jinko Solar, two of the world’s largest solar panel suppliers, and Chinese battery and BESS giant CATL as preferred suppliers. JA Solar and Jinko Solar will supply 2.6 GW of solar panels each. India’s Larsen & Toubro and POWERCHINA have been selected as preferred engineering, procurement, and construction contractors.
Masdar says the project will create 10,000 jobs and doesn’t yet indicate a projected completion date.
Read more: China installed a record capacity of solar and wind in 2024 – in numbers
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links. More.
U.S. President Donald Trump holds a signed executive order on cryptocurrencies in the Oval Office of the White House in Washington on Jan. 23, 2025.
Kevin Lamarque | Reuters
President Donald Trump signed an executive order on Thursday to promote the advancement of cryptocurrencies in the U.S. and to work toward potentially developing a national digital asset stockpile.
Venture capitalist David Sacks, who Trump tapped as his crypto and artificial intelligence czar, joined Trump in the Oval Office for the signing of the order.
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the order states.
Trump, who was a crypto critic in his first administration, changed his tune on the campaign trail and attracted hefty contributions from the industry after a tumultuous four years under then-President Joe Biden. Crypto investors, companies and executives accounted for almost half of corporate donations in the 2024 election cycle, with some contributing tens of millions of dollars to help Trump win a second term in office.
Most of the order focuses on establishing technology and rules around crypto and its development in the U.S. One of the critical pieces is the creation of a working group to consider a national digital asset stockpile, “potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement effort.”
Historically, the U.S. Marshals Service has auctioned off seized bitcoin, along with other cryptocurrencies such as ether and litecoin. Trump promised on the campaign trail that if he returned to the White House, he would ensure the federal government never sells off its bitcoin holdings, though Thursday’s order does not mention bitcoin.
“If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” he said in July in a keynote at the Bitcoin Conference in Nashville, Tennessee.
The order goes on to outline other key priorities for the digital asset industry, including protecting individuals and private sector companies that use blockchain networks from “persecution.” The document spells out certain protections for developers and miners, noting that they should be able to freely “develop and deploy software” as well as “participate in mining and validating,” a nod to the technicians securing the bitcoin network.
The president has also pledged to defend the rights of those who choose to self-custody their digital assets. That means they do not rely on a centralized entity such as Coinbase to hold their tokens and instead use personal crypto wallets, which are sometimes outside the reach of the Internal Revenue Service.
The order emphasizes promoting the sovereignty of the U.S. dollar by supporting the growth of legitimate, dollar-backed stablecoins globally.
Since his victory in November, Trump has focused on appointing government leaders who support the cryptocurrency sector.
Paul Atkins has been nominated to chair the Securities and Exchange Commission. Atkins, a former SEC commissioner, is known for advocating market-friendly policies and opposing heavy-handed regulation. If confirmed, he will succeed Gary Gensler, whose aggressive enforcement of crypto regulations made him a divisive figure in the industry.
Earlier this week, the SEC announced the formation of a new “crypto task force,” to be led by Commissioner Hester Peirce. Dubbed “Crypto Mom” for her outspoken support of digital currencies, Peirce has long championed a regulatory framework that fosters innovation rather than hindering it.
Scott Bessent, a pro-crypto hedge fund manager, is Trump’s pick to lead the Treasury Department. Bessent attended the Crypto Ball on Friday in Washington, an event that brought together lawmakers, cabinet appointees and industry leaders and underscored the administration’s plan to make the U.S. a global leader in digital asset innovation.
Sacks told the crowd at the packed Mellon Auditorium on Friday night that “the war on crypto is over.”
“This is just the beginning of America reclaiming its position as the world’s innovation leader,” Sacks said.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports10 months agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business2 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway