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Tag: Toyota Motor Corp

  • The new Toyota Prius has a huge power boost and even better fuel efficiency | CNN Business

    The new Toyota Prius has a huge power boost and even better fuel efficiency | CNN Business

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    CNN
     — 

    Toyota unveiled an all-new version of its famous Prius hybrid car Wednesday just ahead of the Los Angeles Auto Show. It’s lower, longer and sleeker looking, with just less than a 10% improvement in the model’s vaunted fuel efficiency. Bigger gains come in terms of power and performance.

    The hybrid Prius, which produces electricity to recharge its own batteries while it drives, will produce up to 196 horsepower, 62% more than the current model’s 121 peak horsepower. It will also manage to get about 57 miles per gallon of gasoline, according to Toyota’s estimates, compared to 56 mpg in the 2022 model year Prius Eco L.

    As with the current Prius, the new version will be available with all-wheel-drive with a separate electric motor powering the back wheels.

    Toyota also revealed a new version of the plug-in hybrid Prius Prime. The Prime uses more powerful batteries that, in addition to being charged by the car itself, can also be charged through a plug. With its batteries fully charged, the new Prius Prime will go at least 50% farther without burning any gasoline as today’s Prius Prime does, according to Toyota. That means it should be capable of 37.5 miles or more of electric-only driving – compared 25 in today’s Prius Prime model – after which it will operate as a standard hybrid switching between gas and electric power. It will be able to produce up to 220 horsepower, 100 horsepower more than today’s Prius Prime.

    The roofline is two inches lower than the current model and the car is also an inch wider. More expensive Prius XLE models get bigger 19-inch wheels for a flashier look. Inside, the new Prius has a gauge screen in front of the driver, as in most cars, rather than in the middle of the dashboard as in past Prius models. There is a large center touchscreen, as well.

    The added power comes from new lithium-ion batteries as well as a slightly larger gas engine. The new battery pack is smaller and lighter than the ones used before but still more powerful, according to Toyota.

    When it first came to the United States as a 2001 model, the Prius – the name is Latin for “go before” – helped introduce America to the idea of fuel-efficient hybrid driving. The basic idea is that the car can be driven by electric motors sometimes, especially at lower speeds or when high power isn’t needed, allowing the gas engine to be used as efficiently as possible.

    The new Prius has a more convential-looking interior with a gauges in front of the driver instead of in the middle of the dashboard.

    The 2001 Prius got a combined 41 miles per gallon using modern EPA rating standards. (It was rated at 48 miles per gallon when it came out but the EPA used a more forgiving rating system at the time.) With its gas engine and electric motor, it managed just 70 horsepower. Both horsepower and efficiency improved over the subsequent four generations of the car. The Honda Insight hybrid was available in America a year before the Prius and got significantly better fuel economy, but the Prius was a more popular and practical car, and it became the standard bearer for hybrids.

    Toyota executives have insisted that hybrids, which are less expensive and easier to own than fully electric cars, provide a better opportunity than EVs to reduce global vehicle emissions. Almost every vehicle in Toyota’s line-up is now available with hybrid power. There are hybrid versions of the Corolla and Camry sedans and Highlander and Rav4 SUVs. Even the huge Tundra pickup and Sequoia SUV are available as hybrids, and the Sienna minivan is sold in the US only as a hybrid.

    While Toyota has introduced more hybrid models, Prius sales have gone from representing 9.5% of Toyota’s US sales ten years ago to just 1.4% now, according to data from Edmunds.com.

    Toyota also unveiled an electric SUV concept.

    Toyota has been seen as a laggard in fully electric cars. The automaker only recently introduced its first mainstream fully electric vehicle long after others like GM, Ford, and Volkswagen Group had been offering them. The Toyota BZ4X electric SUV was developed in cooperation with Subaru which sells an almost identical model. Shortly after it went on sale, though, the BZ4X had to be pulled from the market over safety concerns. It was found that the wheels could loosen and even fall off. That issue is now being fixed following months of investigation to find the root causes. Reuters has reported that Toyota is now rethinking its EV strategy.

    Along with the Prius, Toyota also unveiled the Toyota BZ Compact SUV concept. Toyota has said it plans to one day offer 30 different purely electric vehicle and to be carbon neutral by 2050 with a mix of electric and “alternative fuel” models.

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  • Business sentiments cool as cheap yen, costs weigh on Japan

    Business sentiments cool as cheap yen, costs weigh on Japan

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    TOKYO — Business sentiment among large manufacturers worsened for the third straight quarter, a Bank of Japan survey showed Monday, as the nation grappled with rising costs, the dropping value of the yen and restrictions on economic activity over the coronavirus pandemic.

    The headline measure for the “tankan,” measuring sentiment among large manufacturers, was plus 8, down from plus 9 the previous quarter.

    The tankan measures corporate sentiment by subtracting the number of companies saying business conditions are negative from those responding they are positive.

    Worries are growing about how the Bank of Japan hasn’t gone along with other central banks in tightening interest rates to curb growing inflation. Japan has been trying to fight deflation in recent years and has kept interest rates at near zero.

    The nose-diving yen is also a concern, although a cheap yen has in the past been lauded as helping the nation’s big exporters like Toyota Motor Corp., by raising the value of overseas earnings.

    The rising costs of imports, including energy as well as food, is hurting Japan, when the U.S. dollar is now trading at nearly 145 yen, when it used to be at 130-yen levels just a few months ago. A year ago, the dollar cost 111 yen.

    Sentiment among large nonmanufacturers improved to 14 from 13, according to the latest tankan.

    The world’s third-largest economy has struggled for decades to keep growth going. But the stagnation has worsened the last two years because of reduced travel and supply shortages caused by the pandemic.

    The war in Ukraine has added to the problems for a resource-poor nation that imports almost all its oil.

    The return of individual visa-free travel later this month is certain to work to boost incoming tourists.

    The pandemic had squelched overseas tourism, which had sustained economic activity in recent years.

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    Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

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  • Toyota CEO doubles down on EV strategy amid criticism it’s not moving fast enough

    Toyota CEO doubles down on EV strategy amid criticism it’s not moving fast enough

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    A Toyota bZ4X on display at the New York Auto Show, April 13, 2022.

    Scott Mlyn | CNBC

    LAS VEGAS – Toyota Motor is standing by its electric vehicle strategy, including hybrids like the Prius, following criticism by some investors and environmentalist groups that the company is transitioning too slowly to EVs.

    Toyota CEO Akio Toyoda, who has built a corporate strategy around the idea that EVs aren’t the only solution for automakers to reach carbon neutrality, said Thursday the company will move forward with plans to offer an array of so-called electrified vehicles for the foreseeable future – ranging from hybrids and plug-ins to all-electric and hydrogen electric vehicles.

    “Everything is going to be up to the customers to decide,” he said through a translator during a small media roundtable, a day after addressing the company’s Toyota dealers at their annual conference in Las Vegas.

    Toyoda addressed the need to convince skeptics of the company’s strategy, including government officials focusing regulations on all-electric battery vehicles, saying the automaker will “present the hard facts” about consumer adoption and the entire environmental impact of producing EVs compared with hybrid electrified vehicles.

    Since the Prius launched in 1997, Toyota says it has sold more than 20 million electrified vehicles worldwide. The company says those sales have avoided 160 million tons of CO2 emissions, which is the equivalent to the impact of 5.5 million all-electric battery vehicles.

    Toyoda’s remarks echoed comments he made to thousands of Toyota dealers and employees on Wednesday, saying the company will play “with all the cards in the deck” and offer a wide-array of vehicles for all customers.

    Read more about electric vehicles from CNBC Pro

    “That’s our strategy and we’re sticking to it,” Toyoda, who has described himself as a “car guy or car nerd,” said in a recording of the remarks shown to reporters.

    Toyoda doubled down on company expectations that all-electric vehicle adoption will “take longer to become mainstream” than many think. He said it will be “difficult” to fulfill recent regulations that call for banning traditional vehicles with internal combustion engines by 2035, like California and New York have said they will adopt.

    Toyota executives, while increasing investments in all-electric vehicles, have argued such cars and trucks are one solution, not the solution, to meet tightening global emissions standards and achieve carbon neutrality. Toyota continues to invest in alternative solutions as well as hybrid vehicles such as the Prius, which combine EV technology with traditional internal combustion engines.

    The company has said its strategy is justified, as not all areas of the world will adopt EVs at the same pace due to the high cost of the vehicles as well as a lack of infrastructure.

    Toyota’s strategy has been criticized by environmental groups such as the Sierra Club and Greenpeace, which has ranked the Japanese automaker at the bottom of its auto-industry decarbonization ranking the past two years.

    Toyota plans to invest roughly $70 billion in electrified vehicles, including $35 billion in all-electric battery technologies over the nine years. It plans to offer about 70 electrified models globally by 2025.

    Toyota plans to sell about 3.5 million all-electric vehicles annually by 2030, which would only be around a third of its current annual sales.

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