The Truth Behind Toyota’s Revolutionary Electric Car Strategy
This video was first publish on Car Coach Youtube Chanel
Toyota has slashed its EV sales forecst. Toyota reported its earnings for the latest quarter and the numbers are rock solid. The company sold 2.4 million vehicles globally, up 13% from a year ago and that includes its Daihatsu and Hino subsidiaries. That helped its revenue grow 24% to $76 billion. It’s net income nearly tripled to $8.6 billion and its operating profit hit $9.6 billion, more than double what it was a year ago. And while its sales are going strong, the company is walking back its BEV forecast for the year.
Toyota originally estimated it would sell 202,000 BEVs but now it only expects to sell 123,000 in the current fiscal year, which is a pretty shocking drop. But if you include all of its electrified vehicles, it expects to sell 3.9 million this year, a 42% gain. Hybrids account for the overwhelming majority of that figure. The company says electrified vehicles will account for 37% of its total sales, up from 30% last year.
The chairman of Toyota said that falling demand for electric vehicles is a sign people are waking up to the reality that EVs are overhyped and have drawbacks.
* In the US Toyota claims 31.5% of its vehicle sales are “electrified” cars (with an ICE), when its BEV sales are just 1% of the US BEV market.
* The UAW has impacted all manufacturers with increased wages, this hurts the bottom line. Non-union Toyota boosts hourly wages 9.2%, cuts progression time.
* Toyota Motor North America told its nonunion production workers it was boosting hourly wages in its plants, distribution and logistics centers to $34.80.
* A focus on hydrogen fuel cell vehicles, or its latest adventure with a hydrogen combustion engine.
* Riding an upswing in all-time-high quarterly earnings, Toyota downgraded its outlook for EV sales but lifted its forecast for record earnings in the full fiscal year, expanding on an earlier outlook that already called for record-level profits.
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00:00 #toyota Changes Course on Electric #cars
01:18 car sales impacts
02:10 Hybrids and electric car forecasts
04:17 Impact of #uaw strike
05:30 consumer demand
06:26 Toyota solid state battery
07:55 Japanese Yen
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