FT News Briefing Toyota’s EV struggle
Jan 11, 2023
Former employees are legally challenging Twitter for unlawful dismissals. Meanwhile, Toyota is grappling with a major setback in its EV strategy, struggling with the BZ4X's poor sales and recall issues. Concerns about electric vehicles in Japan are rising as the company plans to overhaul its approach by 2030. In the energy sector, Shell's new CEO is navigating the complexities of transitioning the company toward renewables, while Virgin Orbit faces significant challenges following a rocky satellite launch.
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Toyota's EV Recall
- Toyota's first EV model, the BZ4X, faced a recall shortly after its launch.
- Sales have been disappointing since, missing targets in Japan and globally.
Global BZ4X Sales
- Toyota's BZ4X sales are underperforming even globally.
- The global sales figures are not readily available, but sources suggest they are not impressive.
Japan's EV Market
- Electric vehicles made up only 1% of Japan's car market in 2021.
- This low adoption rate is attributed to consumer concerns about charging infrastructure and resale value.