Toyota scrambles for EV reboot to catch Tesla

STORY: Toyota only this year launched its first electric vehicle.

And the bZ4X crossover has been the subject of an embarrassing recall.

Now the Japanese giant is considering a major reboot of its EV strategy.

That’s according to Reuters sources.

They say the automaker could rewrite its $38 billion plan for electric cars in a bid to catch Tesla.

While a working group looks into that, Toyota has reportedly suspended some of the 30 EV projects announced in December.

The revamp could slow the rollout of cars already under development.

But it would allow Toyota to switch to newer, more efficient manufacturing processes.

The firm has been the subject of fierce criticism by green investors and activists, who say it’s been too slow to embrace zero-emission cars.

Toyota has also been caught out by industry-wide EV sales running far past its own projections.

They’re now forecast to account for more than a half of all vehicle output by 2030.

Executives and engineers at the firm also worry they’re falling behind Tesla on reducing manufacturing costs.

Toyota once owned a stake in the EV pioneer, but sold it in 2017.

By the time it had set up its first zero-emissions division, Tesla already had three models on the road.