Toyota Stock (NYSE:TM)
Reuters sources tip that Toyota Motor Corporation (NYSE:TM) is exploring a six- to twelve-fold increase in monthly manufacturing of its bZ4X electric vehicle crossover should it be able to secure the required semiconductors and components. Due to this, Toyota stock surged.
After 2025 is when the Japanese automaker plans to make a significant increase in the production of all-electric vehicles, putting it significantly behind the projected timelines of EV startups like Fisker, Lucid Group (LCID), and Rivian Automotive, as well as Ford and General Motors (GM), both of which have ambitious electrifications plans.
Toyota’s Motomachi facility, located not far from the company’s headquarters, now manufactures the bZ4X all-electric EV alongside gasoline and hybrid vehicles.
On Monday, Reuters reported that Toyota stock has begun comprehensively assessing its electric vehicle (EV) strategy. Beyond the bZ4X ramp-up, it is unknown where the review will go. Still, a greater dedication to battery-electric cars will need expenditures in research and development, manufacturing capacity, and battery technology.
It is widely believed by industry experts that Toyota’s late switch to a new electric vehicle strategy is an admission that Tesla has established a new standard for the affordability of EV design and production. Despite Toyota’s early investment in Tesla and the company’s involvement in developing the RAV4, Toyota sold its TSLA shares in 2017, and the RAV4 electric vehicle was discontinued in 2014.
As part of its strategic assessment, Toyota has hinted that it may work with another automaker on its electric vehicle (EV) strategy. Are there any hunches you can make?
Featured Image- Unsplash @ tinatelep
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