Toyota’s Strategic Shift: Home EV Charging Solutions

In a groundbreaking announcement at the Japan Mobility Show, Toyota signaled its intent to play a more prominent role in the electric vehicle (EV) industry's future. Not only did the world's leading automaker showcase its new EV concepts to combat critiques of being late to the EV game, but they also unveiled ambitious plans to dive into the home charging and energy management sector.

Yoichi Miyazaki, the Executive Vice President of Toyota, captured the essence of this decision during a chat with journalists. "If we sell a battery EV, a charging system is required," he stated. Going a step further, he emphasized the inevitability of household charging needs, hinting at Toyota's vision of not just being a car manufacturer but a comprehensive solution provider. Miyazaki explained, "In the house, the customer will want to have a charging system. So chargers will be a new product... the storage battery also will be our next [business] to grow. Based on that, we want to step into the energy ecosystem management business globally."

While the rise of EVs poses challenges in terms of labor shifts due to the simpler construction of electric cars compared to their internal combustion counterparts, Toyota sees this transition as an opportunity. Leveraging its existing labor force and supply chain expertise, the company aims to reinvent itself, producing new and innovative products that cater to the evolving energy and mobility landscape. In Miyazaki's words, Toyota wishes to "step into new areas of business" and harness the potential of the future.

Echoing these sentiments, Hiroki Nakajima, Toyota's Chief Technology Officer, shed light on the company's strategy. As Toyota embarks on a significant EV push, Nakajima underscored the importance of the charging component for customers. Collaborating with dealers, Toyota's goal is to enhance home charging solutions, offering seamless EV experiences for users.

Although specifics regarding Toyota's charging system plans remain under wraps, the announcement aligns them with industry giants like Tesla and General Motors. Both these companies have ventured into home energy storage products, Level 2 chargers, and intricate vehicle-to-home (V2H) charging systems. The latter, particularly, allows EVs to contribute to the grid or even power entire homes, a feature that showcases the multifaceted potential of EVs. Toyota's pivot to this domain indicates its commitment to pioneering advancements in sustainable energy and mobility solutions.

This year Toyota showcased five electric vehicle concepts at the Japan Mobility Show, demonstrating diverse mobility options for everyone. One of them was Toyota Land Cruiser Se Concept.

Also, 2023 Toyota bZ4x was included in the top electric vehicles in the US market for Q2 2023.