Toyota Considers Electric Car Reboot Strategy to Compete With Tesla The plan is still under review, but could result in a reworking of the automaker's $38 billion roll out plan announced last year.
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In the decade since its founding, Tesla has revolutionized the electric vehicle industry and kept the competition on its heels. Now it seems other automakers are retooling their plans to keep up.
Toyota is said to be working on a complete restart of its electric car strategy to compete in the market with the likes of Tesla, Reuters reported.
Though still under review, if the proposal is finalized it would result in the revision of the $38 billion EV rollout plan that Toyota announced last year.
Related: Tesla Stock Predictions: Is Tesla's Slide Worth a Second Glance?
"In order to achieve carbon neutrality, Toyota's own technology - as well as the work we are doing with a range of partners and suppliers - is essential," the company told Reuters, but declined to offer specifics.
Four individuals familiar with the pending plans told the outlet that a team is working on developing a plan by early next year to improve current EV projects or develop a new platform entirely.
The current strategy made plans to develop and ship 30 new all-electric vehicles by 2030, as well as a $17.6 billion investment in battery technology and production.
However, Toyota has halted work on some of the 30 EV projects previously announced in its roll out plan in December, perhaps signaling that the improvements of the new strategy are already underway.
The four individuals with knowledge of the reboot chose to remain anonymous as the plans are still developing, and have not been announced to the public.
