New Toyota CEO Sato touts three-step plan to big EV profitability: ‘We’ve just started’

Toyota’s New CEO Unveils Three-Step Plan for EV Profitability

Toyota’s new CEO, Akio Toyoda, recently unveiled his three-step plan to make the company profitable in the electric vehicle (EV) market. Speaking at a press conference in Tokyo, Toyoda outlined his vision for Toyota to become a leader in the EV market while continuing to dominate in the hybrid car market.

Step One: Cutting EV Production Costs

The first step in Toyoda’s plan is to reduce the production costs of EVs. To achieve this, Toyota plans to use its existing technology and supply chain to produce batteries and other components more efficiently. The company also plans to work with suppliers to reduce costs and streamline production processes.

Step Two: Developing Competitive EV Models

The second step in the plan is to develop competitive EV models that appeal to consumers. Toyota plans to launch 15 new EV models globally by 2025, including seven under the Toyota brand and eight under the Lexus brand. The company also plans to develop new battery technologies that offer longer ranges and faster charging times.

Step Three: Expanding EV Sales Channels

The final step in the plan is to expand sales channels for EVs. Toyota plans to increase the number of dealerships that sell EVs and invest in marketing and advertising campaigns to promote the benefits of electric cars. The company also plans to work with governments and other stakeholders to build a supportive infrastructure for EVs, including charging stations and battery recycling facilities.

Toyoda emphasized that the company’s goal is not just to sell more EVs but to make a profit in the process. He noted that Toyota is starting from a position of strength, with a solid reputation for quality and reliability, and a strong position in the hybrid car market. “We’ve just started,” Toyoda said. “But we are confident that we can succeed in this new era of mobility.”

Overall, Toyota’s three-step plan for EV profitability is a bold and ambitious strategy that will require significant investment and effort. However, the company’s track record of success and commitment to innovation suggests that it has the resources and expertise to make it a reality. As the global demand for EVs continues to grow, Toyota’s focus on reducing costs, developing competitive models, and expanding sales channels should position the company for long-term success in the EV market.