Cheaper Toyota electric cars coming! Toyota EV plans delayed to improve price and performance: report

Toyota is set to delay its planned electric car development as it regroups to better set itself up to rival relative newcomers like Tesla and BYD.

According to sources who spoke to Reuters, the world’s largest car brand is set to gather its plethora of suppliers in early 2023 to discuss and plan a restructure of supply chains to improve efficiency and cost.

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It’s expected that this move will delay the brand’s development and release of new electric cars, though Toyota plans to benefit by closing the gap to its electric car brand competitors by closing the gap in terms of price and performance.

The intended restructure of Toyota’s EV development will most imminently affect future models released in the brand’s bZ (beyond zero) range, though the first in line has already been released as the bZ4X.

Toyota had already flagged it was reconsidering its original $US30 billion ($44.4 billion) plan for the development of EVs, though now it’s making tangible moves to restructure its efforts.

It’s paused work on some future models, while a group of Toyota personnel led by former chief competitive officer Shigeki Terashi is seeking ways to “improve cost, performance and technology in the fast-growing market for EVs”, according to the report.

The group is also reportedly considering a successor to the relatively new e-TNGA electric car platform, which was to be the basis of much of its near-future electric car development.

According to insiders, the platform was developed with the “assumption it would need to sell about 3.5 million EVs a year”, about a third of current overall vehicle sales figures.

Closer to home, Toyota Australia vice-president for sales, marketing and franchise operations Sean Hanley recently told CarsGuide that although the brand’s philosophy might differ to rivals when it comes to the best way to achieve greener transportation, it’s still committed to reducing its environmental impact.

Don't expect to see an electric HiLux hitting the road for some time.

“Our job is to reduce our carbon footprint. And the great thing is there's not a car company in the world right now that wouldn't say we got to reduce our carbon footprint, not one. Certainly not us,” he said.

“The only thing we disagree on, to some extent, is how and when we get there, right? So, our role is you've got to take everybody on the journey. Otherwise, this potentially will make carbon neutrality a long, drawn-out program. If you take consumers on the journey with technology that reduces your carbon footprint, we believe you'll get there quicker.”

The potential pivot on EV strategy from Toyota comes not long after rival Tesla’s CEO Elon Musk announced the brand is focused on developing a platform to build cars at half the price of the current entry level Model 3 and its Model Y sibling.