Toyota pins its EV future on next‑generation Corolla, warns chairman

Toyota Chairman Akio Toyoda told NHK that the company “cannot survive” without a successful electric‑vehicle version of its flagship Corolla. The next‑gen Corolla EV is intended to run on a new platform that can support battery‑electric, plug‑in hybrid, conventional hybrid and gasoline powertrains, and will join sedan, hatchback, crossover and performance variants under the Corolla badge.

The push comes as Tesla and Chinese makers such as BYD erode Toyota’s market dominance; BYD recently overtook Ford to become the world’s sixth‑largest automaker. Internally, Toyota cancelled the flagship Lexus LF‑ZC EV project, raising fears of a “Kodak moment” where the incumbent fails to adapt to the electric shift. Analysts note that while Toyota still leads in sales and brand strength, it lags behind competitors in EV volume and autonomous‑driving technology, making the Corolla EV a crucial test of its ability to stay on top.

Toyota’s broader strategy emphasizes a “full‑spectrum” approach, maintaining strength in gasoline and hybrid models while expanding EV and fuel‑cell development, relying on its cost‑cutting, production capacity and global brand trust to navigate the transition.