Toyota considers revising its EV strategy to contend with competition — Reuters

Toyota is considering retooling its electric vehicle strategy to speed up its entry into the EV market and better compete with industry leaders like Tesla.

Four people with knowledge of the plans said the company would be halting work on several of 30 existing EV projects as it reevaluates its strategy. Allegedly on the cutting board are the Toyota Compact Cruiser crossover and the battery-electric Crown.

The company announced a $38 billion EV rollout plan last year. Now, a group working within the company is outlining plans to improve its existing EV platform and could build an entirely new architecture early next year.

While the adjustment could slow the rollout of planned EVs, it could also allow the company to compete through a more efficient manufacturing process and address criticism from environmental groups and green investors.

Part of the revamp includes a potential successor to Toyota’s current underpinning technology, e-TNGA. The platform was designed to produce EVs on the same assembly line as gas-powered and hybrid vehicles. However, with EV sales ramping up faster than the company expected, that model no longer makes sense in terms of cost or production.

The group in charge of the changes is led by Shigeki Terashi, former Chief Competitive Officer. His team is considering ways to prolong the current platform’s usefulness by pairing it with new technologies. Alternatively, the group could replace the platform entirely in exchange for a new one built from scratch.

The company is also searching for ways to cut manufacturing costs by revamping its thermal management systems, thereby reducing the size and weight of battery packs and saving thousands of dollars per vehicle in the process.

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