Lexus To 'Humbly Look At And Learn From' Tesla To Gain Traction In EV Race
Portfolio Pulse from Benzinga Neuro
Lexus, under new global boss Takashi Watanabe, is seeking to learn from Tesla's successes to accelerate its entry into the electric vehicle (EV) market. Lexus aims to sell 1 million EVs annually by 2030, with an all-electric lineup by 2035. Despite combined sales of 24,466 electric vehicles last year by Lexus and its parent company Toyota, these figures represent less than 1% of their overall sales. Toyota has recently unveiled new technologies and production methods, including advanced EV batteries and manufacturing upgrades, due for launch in 2026, as part of the company’s efforts to close the gap with Tesla.
September 22, 2023 | 8:55 am
News sentiment analysis
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NEUTRAL IMPACT
Tesla's successes in the EV market are being studied by Lexus and Toyota as they seek to accelerate their entry into the EV market.
While the news highlights Tesla's successes, it also indicates increasing competition in the EV market. This could potentially have a neutral impact on Tesla's stock in the short term.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Toyota, the parent company of Lexus, is making efforts to close the gap with Tesla in the EV market. They have unveiled new technologies and production methods, including advanced EV batteries and manufacturing upgrades, due for launch in 2026.
Toyota's efforts to learn from Tesla and its new technologies and production methods indicate a strong commitment to the EV market. This could potentially boost investor confidence and positively impact the company's stock in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80