Toyota reportedly overhauling its EV strategy, news cars delayed

According to sources familiar with the matter, Toyota is overhauling its plans for the next three years because it's barely making any money from its EV business. And it's no surprise given the company's hesitance to commit to EVs - it only has two fully-electric models and those are based on the e-TNGA platform that's originally designed for ICE vehicles.

The two cars in question are the bZ4X and the Lexus RZ 450e and any successors to those two or any other future models will likely see delay as Toyota is completely changing its 3-year plan. Competitors like Tesla manage to sell its vehicles with a much higher margin due to more efficient manufacturing processes as well as better supply chain deals.

In addition to the new platform, the company is expected to introduce a new thermal management system, a more powerful electric powertrain and a silicone-carbide-based inverter to reduce production cost and boost charging efficiency.

This rather complex task has been given to Shigeki Terashi, an old-time Toyota employee who successfully closed a much-needed deal with BYD and the company was able to introduce a bZ3 sedan in China as a result.

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