Tesla, the leading electric car maker, is facing increasing challenges from competitive electric car makers in the United States, such as Ford (F) – Get a free reportGeneral Motors (GM) – Get a free reportVolkswagen (VWAGY) – Get a free reportAnd Hyundai (HYMTF) as well as up-and-coming players such as Polestar (PSNYW) NIO (nio) – Get a free reportHonda (Hamad Medical Corporation) – Get a free reportand toyota (TM) – Get a free report. And of course, it has stiff competition from Chinese rival BYD (will) .
Tesla (TSLA) – Get a free report It expects to produce about 1.8 million vehicles this year. CEO Elon Musk said the company’s long-term goal is to sell 20 million electric vehicles annually by 2030.
Forget Tesla—we’re all into this EV stock
Toyota Motor Corp., which has been slow to enter the electric vehicle industry, committed in April to jumpstarting the all-electric vehicle market by launching 10 new EV models by 2026. It said it would have an annual production rate of 1.5 million. electric cars in three years.
Clash
Toyota is challenging Tesla
Japanese automaker challenged Tesla in the SUV and crossover market when on April 18 it revealed two battery electric vehicle models at the Shanghai Auto Show that will compete with its flagship EV producer, the Model X SUV.
A joint venture between Toyota and Shenzen, China-based BYD BYDDY has debuted the bZ Sport Crossover concept in partnership with FAW Toyota Motor Co. and Toyota Motor Engineering & Manufacturing China. The car will be produced and sold by FAW Toyota in China.
Toyota has also teamed up with Guangzhou, the China-based Guangzhou Automobile Group, and GAC Toyota Motor Co., Ltd. GAC Toyota Motor will produce and sell the car in China.
Toyota said that the two new models will be launched in the Chinese market in 2024, but it did not indicate when the two cars will be offered for sale in the United States. The manufacturer’s suggested retail price is not listed either.
Tesla is not only the world’s leading manufacturer of electric cars, it has also claimed the title of “the fastest car in the world,” with its second-generation sports roadster not yet in production.
However, the limited edition Roadster Founders Series sold out. Tesla stopped taking reservations in December after charging the full price of $250,000 on 1,000 units. Tesla fans can still place orders for the standard Roadster by paying $50,000 for the $200,000 car.
Toyota revealed during its annual presentation on May 10 that by 2026, it will produce two luxury sedans, two three-row SUVs, an IMV BEV multi-purpose pickup truck and a sports car on the Toyota or Lexus platform that will compete with Tesla.
Toyota, Suzuki, Daihatsu New Electric Vehicle Team
Toyota is building a reputation for forming partnerships to launch electric vehicles, and on May 17, the company said it would team up with Japanese rival Suzuki Motor Corp. (szkme) and Daihatsu (DHTMY) To develop an electric vehicle battery system for a new generation of commercial electric vans that would rival Ford’s E-Transit, GM’s BrightDrop, and a future commercial/passenger van that Tesla is developing.
The electric automaker trio is expected to unveil a prototype electric pickup truck at the Japan Automobile Manufacturers Association show later this week. Electric mentioned. The vehicles are expected to be released by the end of the year.
