Toyota Motor recently held its Annual General Shareholders' Meeting in Tokyo, with a major focus on the company's electrification strategy. Amid growing market expectations for EVs as a crucial component of achieving carbon neutrality, Toyota introduced its new EV division, BEV Factory, which garnered significant attention. The division aims to streamline the development, production, and business processes related to battery electric vehicles (BEVs) to facilitate faster decision-making and execution.
“I don't know if love can beat Tesla. However, cars made by engineers who love them will move people's hearts. We hope you'll look forward to the BEVs that we create.” said Akio Toyoda, Toyota's former CEO and current chairman.
Toyota plans to release its next-generation BEVs in 2026, with an estimated 1.7 million units of these vehicles out of the 3.5 million BEVs the company plans to sell by 2030. During the shareholders' meeting, BEV Factory's President, Takero Kato, addressed several questions raised by shareholders, of which there were a total of 11.
However, Chairman Akio Toyoda continued to emphasise that “Carbon neutrality is not just about cars; we must consider the overall picture of how energy is produced, transported, and used,” and that “hile BEVs are of course important, we must prepare a range of options.”
One shareholder queried whether Toyota would be able to keep up with Tesla, often regarded as the standard in the EV market. This question referred to critics who claim that Toyota lags in the BEV sector. Kato acknowledged Toyota's goal to achieve a range similar to that of their hybrids—up to 900 miles by 2028. He further emphasised that Toyota intends to make significant changes in production processes and reduce the number of components required to manufacture a vehicle.
Following Kato's response, Akio Toyoda, Toyota's former CEO and current Chairman, said, "I don't know if love can beat Tesla. However, cars made by engineers who love them will move people's hearts. We hope you'll look forward to the BEVs that we create," Toyoda concluded.
With its dedicated BEV Factory division and a renewed focus on electric vehicles, Toyota aims to solidify its position in the rapidly evolving automotive market while addressing concerns about its competitiveness against industry leaders like Tesla.
Written by: Ronit Agarwal
