Image Commercially Licensed from: Unsplash
…
According to the CEO of Toyota Akio Toyoda, the Japanese manufacturer still has the potential to be a major player.
“I don’t want to abandon any automobile fan,” Toyota CEO Akio Toyoda announced Friday at the Tokyo Auto Salon in Chiba, Japan. Instead, the Japanese automaker has recommended replacing existing automobile engines with more environmentally friendly alternatives, including fuel cells and electric motors. The objective is to hasten the global transition to environmentally friendly autos.
Toyoda told the Associated Press (AP) that Toyota still has the resources and knowledge to be a leader in the green vehicle sector. Nonetheless, he admitted that it would take time for all vehicles to be completely emission-free. However, replacing older vehicles with contemporary technologies is cost-effective, according to the CEO.
Toyoda also endeavored to dispel the idea that green cars are less enjoyable to drive than traditional gasoline-powered vehicles. To demonstrate Toyota’s commitment to the “conversion” strategy. He showcased Toyota AE86 battery-electric and hydrogen-powered cars, including the Toyota Corolla Levin.
As the automotive industry undergoes substantial upheaval due to climate change concerns, automakers are under increasing pressure to reduce their environmental impact. On the other hand, Toyoda remarked that while many countries are beginning to appreciate the automotive industry’s efforts to become more environmentally friendly, Japan has yet to recognize the value of these efforts.
Suzuki seeks help from Toyota on mid-sized electric vehicles.
Suzuki Motor’s president, Toshihiro Suzuki, told reporters at a recent auto show that the company plans to learn how to build compact electric cars utilizing EV technology from partner Toyota. Suzuki indicated that it is learning from Toyota about EVs and other technology to build autos that are more in line with its offerings.
“We need to work on and discuss with Toyota how to implement this EV technology on compact cars,” he stated on the show’s sidelines. Given the growing popularity of electric vehicles, Toyota, which owns 4.89 percent of Suzuki, is considering relaunching its electric vehicle strategy. Toyota currently offers only one fully electric vehicle, the bZ4X crossover, but plans to introduce five further EVs in Europe under the bZ sub-brand by 2026.
Previously, the Japanese manufacturer assumed that demand for EVs would not take off for several decades, so it favored hybrid technology. When asked if SMC would sell EVs based on gasoline engine platforms, Suzuki said the company would have to create an EV from the ground up. Suzuki is increasing its footprint in India, which is scheduled to become an EV center for the Japanese automaker, with up to $1.3 billion in planned investments to produce EVs and batteries locally.
Suzuki owns a majority share in Maruti, which has faced greater competition from rivals as buyers shift to larger vehicles such as SUVs and regulators demand safer and more environmentally friendly vehicles, rising costs. As a result, its market share has dropped to less than 43%, down from more than 50% in 2019.
“One of the reasons we couldn’t sustain 50 percent market share… was our delay in launching SUVs,” Suzuki Motor President Toshihiro Suzuki acknowledged, adding that the company was seeking to reclaim market share by launching more SUVs.
“We feel there is long-term growth potential in the compact car industry.”
“We need to work harder to achieve deeper penetration and spread the sale of compact and small autos in India,” he said, adding that Suzuki would work with Maruti to recapture market share.
With its compact, low-cost automobiles, Maruti Suzuki leads car sales in India, making the South Asian country one of the Japanese company’s most important markets.
‘De-carbonization’ Roadmap
Last October, the Departments of Energy, Transportation, Housing and Urban Development, and the Environmental Protection Agency announced a collaboration to create a “clean, safe, accessible, equitable, and decarbonized transportation system for all.” The agencies issued their promised blueprint this week, adding meat to those bones.
The study, dubbed the United States National Blueprint for Transportation Decarbonization, is the first of its kind, and it predicts three common technology choices for net-zero travel by 2050: batteries, hydrogen, and sustainable liquid fuels. For drivers, the blueprint’s projection of how these three technologies would be employed is particularly intriguing, if not wholly startling. For example, battery power provides the “greatest long-term possibility” to decarbonize light-duty vehicles. For long-distance heavy trucks, on the other hand, hydrogen is at the top of the list. Furthermore, sustainable liquid fuels are considered appropriate for boats and planes.
The future is electric
Electric vehicles have the potential to dominate the transportation sector in the future. Manufacturing production lines are making solid-state batteries a reality.
Because of the rising cost of gasoline in the United States, electric vehicle purchases are becoming more appealing in the United States and Europe. All automakers are discontinuing gasoline-powered automobiles. These markets are being driven by China’s and India’s growing populations and favorable government laws. Electric vehicles aim to reduce vehicle carbon emissions and increase the usage of nonpolluting automobiles.
Read Also: Winklevoss compnay charged by the SEC
Solid-State Batteries represent the next phase of automation in electricity storage, an industry that is expected to grow significantly. From 2022 to 2028, it is predicted to increase at a compound annual growth rate (CAGR) of 147.8%. The growing demand for solid-state batteries across end-use sectors and increased R&D activity are aimed at commercializing the battery. In addition, lower solid-state battery costs are predicted to drive industry expansion.
