Chairman Akio Toyoda has ordered a demand for change within Toyota, emphasizing the need to rethink vehicle design in the face of competition from Tesla and Chinese giant BYD. This has prompted an emergency overhaul of Toyota’s EV plans, with CEO Koji Sato announcing the development of an EV platform inspired by Tesla’s cost-effective engineering and production techniques. This platform, set to be used in vehicles from 2026, will incorporate new technologies such as giga casting.
Improving Toyota’s business in North America is crucial for funding these new technologies. Despite the company’s nearly doubled operating profit in the latest quarter, the North American market’s performance lagged behind other regions, with an operating margin of only 3 percent. Toyota officials expressed dissatisfaction with this, stating the need to raise the margin to support battery-related investments and the production of battery electric vehicles (BEVs).
To drive change in product development, Toyota will leverage new technologies such as artificial intelligence and big data. Predictive engineering powered by AI will enable quicker and more accurate design work, eliminating the need for physical prototypes. Additionally, the analysis of big data collected from millions of Toyota vehicles on the road will contribute to better modeling and design.
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