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Hit 1.5 million streetcars! Toyota signs agreement

2024-04-24 Update From: AutoBeta autobeta NAV: AutoBeta > News >


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On Oct. 4, Toyota North America announced that it had signed a battery module supply agreement with LG Energy (LG Energy Solution), which will be used in Toyota pure electric vehicles (BEV) assembled in the United States. It is understood that Youngsoo Kwo, CEO of LG New Energy Company, said in an interview that starting from 2025, LG New Energy will supply Toyota with 20GW batteries every year and invest 4 trillion won ($3 billion) in Toyota's production to build a new production line specifically for Toyota's batteries and modules, which is expected to be completed in 2025. In other words, Toyota has signed a stable battery supply in both China and the United States.


According to the plan, Toyota will accelerate the production of pure electric vehicles (EV) from 2025, and plans to increase the production of pure electric vehicles under the Toyota and Lexus brands to 600000 by 2025 and the annual sales of pure electric vehicles to 1.5 million by 2026. Batteries will be purchased from China's Ningde era New Energy Technology and BYD.

So far, Toyota has laid out two pure electric models, the bZ4X and the bZ3, in the Chinese market, but the existence of the Toyota electric car market is not high. FIFA retail data show that from January to August in 2023, Guangzhou Auto Toyota sold 5380 bZ4X vehicles, FAW Toyota bZ4X sold 6660 vehicles, FAW Toyota bZ3 14651 vehicles, which is a far cry from the current mainstream new energy vehicle manufacturers in the car market.


In the era of fuel cars, Toyota is undoubtedly one of the big winners in both the global market and the Chinese market. However, with the gradual decline of the market share of fuel vehicles, Toyota, which relies on fuel vehicles to seize market share, has shown obvious decline. for this reason, Toyota has also accelerated the layout of the new energy track. In April, Toyota President Henoji Sato set a new goal for the development of Toyota's pure electric vehicles: "Toyota will launch 10 pure electric models within three years, and plans to achieve its annual sales target of 1.5 million vehicles by 2026." The short-term goal is to launch two pure electric vehicles developed in China in 2024. "the current situation in the auto industry is a matter of life and death and the competition is very fierce," said Mr Sato. We want to jump out of the framework and out of our existing concepts. "


Earlier market news said that Toyota plans to launch a new electric vehicle in 2026 to meet the growing market demand for electric vehicles. The new car will be 40% cheaper than the bZ4X. As a reference, the Toyota bZ4X currently on sale will sell for 19.98-284800 yuan. In other words, the new car may sell for less than 200000 yuan. In addition, the new car will be equipped with two different battery types, lithium iron phosphate battery and lithium iron phosphate battery, with a range of 800 kilometers.


Toyota plans to triple its production of electric vehicles to its 2024 target by 2025, with a target of 190000 electric vehicles by 2024, the Nikkei News reported on Sept. 23. Toyota has informed major parts suppliers that it plans to increase production of Toyota and Lexus-branded electric vehicles to 600000 by 2025, the report said.

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