Tesla made a huge investment in electric vehicles thanks to Elon Musk. The SpaceX and Tesla entrepreneur knew it was only a matter of time before consumers, and other auto manufacturers, would wake up and realize electric vehicles are the future of the automotive industry.
Toyota Was The First Company To Introduce Hybrid Vehicles
Toyota Motor Company, the world’s largest automaker, was the first vehicle manufacturer to introduce hybrid vehicles to the world. But Toyota waited for other companies to develop EVs before becoming a prime player in the electric vehicle market. Volkswagen is Toyota’s main competitor in the global auto market. VW executives recently unveiled their version of a trendy electric vehicle.
Masahiko Maeda, Toyota’s CTO, told the press his company decided it was time to unveil its contribution to the electric vehicle movement at the April Shanghai auto show. Toyota’s new electric SUV resembles the company’s Rave-4 model. But Toyota’s new “bZ4X” SUV has a new “e-TNGA” platform that can recharge the new vehicle’s battery using solar power.
Mr. Masahiko also said the bZ4X is the first vehicle in the new bZ series. According to Masahiko, “bZ” stands for “beyond zero.” Beyond zero is the term Toyota uses to point out the new SUV exceeds being just a zero-emissions electric vehicle.
Toyota Will Produce The bZ4X In China And Japan
The new bZ4X SUV will hit showrooms around the world in 2022, according to Masahiko. Masahiko was quick to point out his company is not behind in the race to dominate the electric vehicle market. He told the press Toyota was not as vocal about its electric vehicle research. Other automakers like General Motors and Volkswagen promoted their advancements in EV development more than Toyota. But Toyota came out of the electric vehicle closet at the April Shanghai show with the new bZ4X. Toyota plans to introduce 15 new electric vehicles by 2025. Seven of those vehicles will be beyond series models.
Volkswagen plans to invest $29 billion in electric vehicle research and development, and Toyota plans to invest billions in EV development. Toyota plans to offer global consumers 70 hybrids and electrified models by 2025. It’s unclear what the retail price of the new bZ4X will be when it hits the consumer market in 2022. But Toyota knows the retail price has to be competitive in order to capture a share of the electric vehicle market.