Toyota is considering a reboot of its electric vehicle strategy to better compete in a booming market it has been slow to enter, and has halted some work on existing EV projects, four people with knowledge of the still-developing plans told Reuters.
The proposals under review, if adopted, would amount to a dramatic shift for Toyota and rewrite the $38-billion EV rollout plan the Japanese automaker announced last year to better compete with the likes of Tesla.
A working group within Toyota has been charged with outlining plans by early next year for improvements to its existing EV platform or for a new architecture, the four individuals said.
In the meantime, Toyota has suspended work on some of the 30 EV projects announced in December, which according to the sources and a document reviewed by Reuters include the Toyota Compact Cruiser crossover and the battery-electric Crown.
Toyota said it was committed to carbon neutrality but declined to comment on specific initiatives.