Financial Times was not pulling punches on July 6, 2023. Indeed, it was right on point when it described Toyota as a ‘century-old leviathan’ choking in Tesla’s dust. Yet the venerable company’s shares were cruising to an all-time high it acknowledged. And then FT posed the question ‘could Toyota solid state batteries reinvigorate the brand’. This sounded something worth a second glance.
Could Toyota Solid State Batteries Turn the Tide?
Toyota has not entered the electric vehicle market with a splash. Indeed, its pure-battery electric vehicle sales were just 1.8% of Tesla’s in the first quarter of 2023, per Financial Times. What price the ‘almighty global best seller Corolla’ now, their financial reporter asks?
In fact, even the whiff of a suggestion of Toyota becoming a Tesla challenger sounds improbable they claimed. Take Toyota’s flagship EV opening offer BZ4X for example. Its ‘door-entry code of a name’ could be enough to scare off a traditionally-conservative client base. And they may have run a mile after a recall, because ‘the wheels could fall off’ according to Financial Times.
Has Toyota Finally Stumbled on a Hook?
Now Toyota solid state batteries could be a better hook than BZ4X for the brand. The very word recalls the tough, dependable cars that made Toyota the one to beat, Financial Times continues. Especially when we consider they have potential for lighter, faster charging. And could turn out to be as powerful as the company claims.
We seem to be moving in an interesting new direction, where the quality of the batteries is the clincher, not the diversity of the accessories. The company claims to have ironed out early durability issues, and to be preparing for ‘the battery battle of the century’.
It will be a fascinating day for our industry if Toyota solid state batteries score points off Tesla. As Financial Times puts it, who would want to miss out on the possibility. The chance that Japan’s most valuable company is in sight of a new battery, a power house propelling a car 750 miles on a 10 minute charge?’
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