Thompson declined to provide detail of next year’s strategy but insists he already has a workable plan and he feels “extremely confident about Toyota’s multi-path philosophy” for the future. The company is reported to be planning the launch of five new EVs by 2026, including the Urban Crossover, which has already been revealed in concept form.
Meanwhile, Nakata neatly avoided opportunities to support or criticise the EU’s decision to increase import tariffs to as much as 37.6% on Chinese-built EVs (a move likely to be echoed by the incoming UK government, but not yet confirmed) but he agrees that, for the time being, the move will “provide a following wind for us”.
However, he believes tariffs will soon trigger efforts by Chinese companies to build cars in new European factories. BYD, for example, has already confirmed plans for sites in Hungary and Turkey.
“If this happens,” he says, “we will do our best to compete. This is normal competition. If their prices are still lower than ours, we will depend on our engineers and designers to produce more competitive products.
“Meantime, we will take measures to build our brand strength higher, much as [Toyota chairman] Akio Toyoda has done with his concentration on innovation, driving pleasure and advanced technology. We have some ideas, but we are not ready to talk about them yet.”
Nakata insists that Toyota will maintain its long-held values – happiness for all, mobility for all, leave no one out, take a visionary approach.
This approach, he suggests, extends directly to Toyota’s determination to continue making Corolla hybrids at Burnaston, near Derby, a plant the company opened 32 years ago. “This is a key part of the contribution we will continue making to UK society,” he said. “As part of Toyota’s management, I want it to continue.”
