TSE:7203Auto
Toyota Reworks EV Plans As Texas Expansion Reshapes Long Term Outlook
Toyota Motor canceled development of an upcoming Lexus electric vehicle, adjusting its EV plans in response to a global slowdown in EV demand.
The company is reallocating resources toward other vehicle types and technologies such as solid state batteries and gigacasting.
Toyota also announced a US$2b expansion of its Texas manufacturing facility to increase U.S. production capacity.
Toyota Motor (TSE:7203), trading at ¥3,042.0, is making sizeable capital and product decisions that could...