Toyota EV Wants to Be Like Tesla, But How?

Toyota BZ4X

Japanese automaker, Toyota has shared its plan to become more like Tesla through a new EV strategy which details the business model throughout the year of 2026. 

While this is happening, Tesla's global production expansion is gradually bringing the company's volume manufacturing levels up to par with those of major automakers.

As a result, Toyota is one of many businesses attempting to carve out their own positions alongside Tesla in the expanding battery-electric market.

The announcement which comes amid criticism of the major automaker's slow introduction of EVs to the market, also stands as the most recent in a series of EV-related notices in Toyota's attempt to catch Tesla.

Image as illustration purpose: A Tesla vehicle charging

Despite being an early pioneer of hybrid vehicles with the Prius, and still being a major player in the hybrid market, Toyota released its first EV this year – the bz4X.

In Malaysia, UMWT plans to launch the bz4X crossover SUV to enter the Malaysian EV market anytime soon as it has been launched in Thailand and Indonesia recently.

Back to our global story, from the beginning of 2022 through the end of October, Toyota sold 14,421 battery-electric cars worldwide, while rivals Tesla and BYD each sold well over 500,000 electric cars.

As for Toyota’s hybrid vehicles, it’s a different story. The automaker sold nearly 2.2 million hybrids through October, although hybrid sales are generally decreasing year over year with the introduction of added battery-electric options.

However, Toyota’s plans to unveil an updated EV strategy are not only timely, but they’re somewhat of an admission to the company’s lost bet against battery-electric vehicles.