According to Reuters, Toyota has paused its development of a wide range of electric cars, including a battery-powered Crown and a small crossover SUV believed to be the successor of the FJ Cruiser. Reportedly, the company underestimated the growth rates of this market segment and needs to re-evaluate its priorities going forward.
We are told that Toyota believed it could sell up to 3,500,000 EVs by the beginning of the next decade. In reality, however, the number now seems too conservative to rely upon, calling for a new strategy where electric vehicles take up a larger production share.
This implies that the currently used e-TNGA tech platform might yield its place to a new, more versatile and economical architecture. Otherwise, the automaker might need to think about upgrading its current production tech on a large scale. Aside from this, Toyota plans to find other manufacturing aspects where it could cut costs to free up more funds to invest in the new EV lineup.
The manufacturer’s original plans revealed in late 2021 had involved the launch of up to 30 new electric car models by the year 2030. It now looks like the target figure might be revised. According to Reuters citing its own sources, a new strategy is expected to be published before the end of the year. In the meantime, the EV projects already in development have reportedly been halted.