Piggybacking on @bridgemccarthy_'s thread on BYD's role in Toyota's announcements today:
1. We think last week's media reports on Toyota partnering with BYD to produce a $30k affordable EV next year missed the point. This isn't new news.
1. We think last week's media reports on Toyota partnering with BYD to produce a $30k affordable EV next year missed the point. This isn't new news.
https://twitter.com/bridgemccarthy_/status/1470847119581925379?s=20
2/ So Toyota unveiled 15 BEV models today (finally) that it plans to sell before 2030. Toyota wasted too much time and money on FCEV technology over the years, so the world's largest automaker has been scrambling to get on board with BEVs in the last 2.5 years.
3/ Here's what I think happened. The timing is important.
Toyota was pursuing a "side project", of sorts, to develop its first BEV in 2018-2019. Subaru, equally clueless on EV tech, wanted in, so it threw Toyota some $ to help with ongoing R&D...
Toyota was pursuing a "side project", of sorts, to develop its first BEV in 2018-2019. Subaru, equally clueless on EV tech, wanted in, so it threw Toyota some $ to help with ongoing R&D...
https://twitter.com/bridgemccarthy_/status/1470847136979992577?s=20
4/...and Toyota & Subaru formed a JV in 2019 to co-develop a dedicated BEV platform, called e-TNGA platform, and an electric SUV to be sold under each company's brand. This will be Toyota's first BEV.
5/ Important anecdote: Every time we have asked BYD who it views as its biggest competitor, BYD management (and engineers) have ALL said Toyota. Not Tesla. Not VW. Toyota.
Also, in BYD's early days, it was accused of heavily borrowing from Toyota's design.
Also, in BYD's early days, it was accused of heavily borrowing from Toyota's design.
6/ BYD changed the game when it unveiled Blade battery in March 2020. As @bridgemccarthy_ notes, BYD & Toyota were agreed to establish a 50/50 JV for BEV R&D in November 2019, just a few months before Blade was unveiled.
https://twitter.com/bridgemccarthy_/status/1470847124841668616?s=20
7/ What likely happened was BYD gave Toyota a sneak peak at Blade ahead of its surprise unveiling, & Toyota wanted in, even though it still wasn't gung ho on the whole EV thing. BYD was playing the long game taking 50% of BTET, knowing Toyota was desperate.seekingalpha.com/article/438212…
8/ After Blade was unsheathed to the world and Toyota's team in BTET realized that Blade could electrify its lineup faster than any other partner, it likely dedicated more resources to BYD (BTET) and less to its own platform with Subaru
9/ We are hearing that within BTET, there was initial concern on Toyota's end that BYD's iteration process was too fast for Toyota's more conservative liking.
Toyota soon realized BYD was moving so quickly because it had been working on this for over a decade.
Toyota soon realized BYD was moving so quickly because it had been working on this for over a decade.
10/ BYD's e-platform 3.0 is likely what inspired Toyota to commit to 15 BEV models; the modularity of BYD's breakthrough plug-n-play "skateboard" platform was perfect for Toyota.
https://twitter.com/bridgemccarthy_/status/1384248037850062848?s=20
11/ Again, the timing is important, here. Toyota announced it would introduce 15 BEV models just hours after BYD unveiled e-platform 3.0 in April 2021.
https://twitter.com/bridgemccarthy_/status/1384248043122266112?s=20
12/ While it isn't confirmed that all bZ models will sit atop e-platform 3.0, it wouldn't make sense for them NOT to. It's a perfect win-win for Toyota & BYD. Toyota gets to survive the EV transition, and BYD gets a major first customer for e-platform 3.0.
https://twitter.com/bridgemccarthy_/status/1470847139463020548?s=20
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