Toyota Electrification Plans To Boost Presence In Asia-Pacific EV Market
Toyota is set to unveil the concept version of the first model in its new battery electric vehicle (BEV) series, the Toyota bZ4X, in Shanghai and establish a full line-up of EVs to reduce CO2 emissions with the aim of having 70 electrified models by 2025.
Following this news, Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, a leading data and analytics company, offers her view:
“Toyota presently has only 4 BEVs in its portfolio and the new launches will enhance its position in the Japan and global BEV market. Several global OEMs, including Toyota, presently do not have a strong BEV portfolio due to their strategic priorities, low volumes and profitability concerns with battery vehicles. But the EV scenario has changed rapidly and there are significant opportunities in EV space due to push from the regional governments, reduction in costs and the availability of wide-range of products.
In addition to global market, Toyota’s BEV portfolio expansion will help it to tap significant opportunities in its home market, Japan, which presently does not have attractive BEV offerings and is witnessing high growth in demand for BEVs from select players such as Nissan and Tesla. Nissan’s Leaf is the only popular and successful BEV available for the mass market in Japan. While Tesla caters to the premium segment with sales of nearly 2,000 units annually.
In the recent past, Asia-Pacific has witnessed major developments in the EV market. Players such as Hyundai are trying to lead with innovative products and standout features while technology companies such as Huawei, Sony and Xiaomi are trying to penetrate the BEV market. The market is getting fiercely competitive day by day and automakers need to respond with suitable products to make their future sustainable.”
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