Without cars like the massively popular Toyota Prius, which hit roads almost 20 years ago, hybrid car technology might have taken longer to gain popularity. As a result, widespread EV usage might not have taken hold until much later. In short, modern EVs owe a lot to Toyota. But in the fully electric realm, Toyota has been severely lacking. The company does make a confusingly named bZ4X EV crossover that’s competent, if a little boring. But after the wheels literally fell off and a forced recall, the bZ4X failed to catch on after it resumed production only last month.
Now, according to Reuters, Toyota is trying to get back on track. The brand is setting its sights, not on Ford or GM, straight at the symbolic heart of the EV landscape, Tesla. With a new $38 billion plan to take the EV world by storm, Toyota hopes it can knock Elon Musk’s EV powerhouse off its pedestal.