Toyota to Pull Plug on Next-Gen EV Development

Nagoya, May 29 (Jiji Press)--Major Japanese automaker Toyota Motor Corp. said Friday that it will cancel the development of a next-generation electric vehicle amid the stagnant global EV market.

Toyota will, instead, allocate its management resources to the development of SUVs, which are in strong demand.

Specifically, it plans to scrap development of a mass-production model of the LF-ZC electric sedan under its Lexus luxury car brand. The model was set to go into production in mid-2027.

The LF-ZC was slated to feature an all-solid-state battery, a next-generation battery designed to reduce charging time compared with lithium-ion batteries and extend driving range to roughly 1,000 kilometers per charge.

On the other hand, Toyota will continue its research and development into cutting-edge EV technologies, including all-solid-state batteries and gigacasting, a manufacturing process in which aluminum vehicle parts are produced as a single casting.

[Copyright The Jiji Press, Ltd.]