Toyota compares Tesla’s company to restaurant promoting its recipes



[ad_1]

Toyota made it clear how it plans to compete in the electric car business and unexpectedly attacked the strong financial valuation of electric car maker Tesla.

And Toyota chairman Akio Toyoda admitted that Tesla’s $ 400 billion valuation was too high and topped the rating of all seven Japanese carmakers combined.

He also said: Toyota can learn from Tesla’s success with investors and its business model, which includes revenue from electric cars, regulatory credits, software and renewable energy products.

The grandson of the Toyota founder compared Tesla’s business to a restaurant that always promotes its recipes, while Toyota is more like a restaurant that actually serves a large number of customers.

“We’re the losers when it comes to share price, but we have a comprehensive list that customers will choose when it comes to products,” Toyoda said.

He added: Tesla hasn’t built a real business yet, people only buy the recipe, and it tries to swap recipes, with the saying: Our recipe will become the world’s standard in the future, while that at Toyota, we have a real kitchen and a real chef too, and we prepare dishes.

Toyoda pointed out that his company makes and sells cars that are much more diverse than Tesla cars, referring to the 100 million privately owned Toyota cars. Go on the road.

Toyota expects to sell around 7.5 million cars in fiscal 2021, which began April 1, 2020. Tesla plans to sell half a million electric cars in 2020.

Toyoda described Toyota’s offerings as a comprehensive list, referring to the mix of internal combustion engines, hybrids, pure electric batteries and fuel cell electric vehicles.

Toyota introduced hybrid electric cars through the Prius lineup, which began selling in 1997.

It has also built a very limited number of battery-powered electric RAV-4s, including the second-generation electric RAV-4 that it has produced in partnership with Tesla.

Toyota didn’t commit to producing a large number of battery-electric cars until late last year, when the company announced a joint venture with one of Tesla’s main competitors.



[ad_2]
Source link