Toyota Misses EV Targets
【Summary】Toyota is falling behind its own low targets for electric vehicle (EV) production. The company aims to sell 600,000 EVs by 2025, but only sold fewer than 25,000 EVs in 2022. Toyota plans to increase production of its battery-powered vehicles to meet its targets, and has teased several EV concept cars. Meanwhile, the UAW and America's big three automakers are in final talks to reach a deal and prevent an escalation of the strike action.
Good morning! It's Friday, September 22, 2023, and this is The Morning Shift, your daily roundup of the top automotive headlines from around the world, in one place. Here are the important stories you need to know.
1st Gear: Toyota Must Increase EV Output 2,400 Percent
Relatively speaking, Toyota has been pretty slow to the electric vehicle party. However, the Japanese automaker is now looking to ramp up its EV production. According to a new report from Automotive News, Toyota hopes to hit 600,000 EV sales by 2025, 1.5 million EVs by 2026, and 3.5 million by 2030. This ambitious target would surpass Tesla's EV sales in three years and make electric models account for a third of Toyota's 9 million annual sales by the end of the decade.
In 2022, Toyota sold fewer than 25,000 EVs worldwide, including its Lexus brand. The company aimed to increase EV production to about 150,000 vehicles in 2023 and gradually increase it further to the 190,000-vehicle range next year. However, in the first half of 2023, Toyota only sold 53,587 fully electric models, which accounted for less than one percent of the 5.8 million cars sold by the company during that period.
Toyota plans to "step up" production of its battery-powered vehicles in the coming years and has teased several EV concept cars that could make it to market. The company hopes that by introducing more appealing electric models, it will dispel the notion that Toyota isn't serious about electric cars.
2nd Gear: Big Three Enter Another Round Of Final Talks
After a week of strike action from America's United Auto Workers union, Ford, General Motors, and Stellantis are making another final attempt to reach a deal with the union. The parties met yesterday to find some middle ground and prevent an escalation of the industrial action. If an agreement can't be reached today, an expanded strike could include plants that produce popular models like the Ford F-150, Chevrolet Silverado, and Ram pickup trucks.
Leaked messages from union insiders have caused some tension, with the automakers accusing the UAW of not bargaining in good faith and intending to cause months-long disruption. The negotiations took place ahead of the UAW's Friday noon deadline for an expanded strike.
3rd Gear: E-Fuels Must Be Carbon Neutral In Europe
The European Union is examining the use of e-fuels and their role in the bloc's transition to more sustainable transport. A draft document states that from 2035, cars running on e-fuels must be 100% carbon neutral to continue being offered for sale after the ban on gas-powered models. To be considered carbon-neutral, e-fuels must be made in a way that utilizes captured atmospheric carbon, offsetting the CO2 released when the fuel is burned in a car engine.
The European Commission aims to develop a legal route for sales of new cars running on e-fuels to continue after 2035, following Germany's demand for this exemption.
4th Gear: U.S. Probes 240,000 Ford EcoSport Models
Following multiple recalls, Ford is now facing another probe by the National Highway Traffic Safety Administration (NHTSA). The agency is investigating an oil pump issue that could affect 240,000 EcoSport models built between 2018 and 2021. The probe was initiated after receiving complaints alleging that the car's oil pump may fail, resulting in a loss of motive power while the vehicle is in motion.
The NHTSA is also conducting investigations into 1.2 million Focus models and the Explorer SUV, affecting over 700,000 units.
That's all for today's Morning Shift. Have a great day!
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