Toyota to Launch All-Electric Corolla to Counter Chinese EV Rivals

On July 21, Toyota announced the upcoming launch of an all-electric version of the Corolla. Since its debut, the Corolla has undergone 12 generations and accumulated global sales exceeding 57 million units, making it the best-selling car model in history. Akio Toyoda, Chairman of Toyota Motor Corporation, described the Corolla as a symbol of Toyota. In a special NHK program, Toyota showcased the development process of the next-generation Corolla and revealed a strong sense of crisis within the company. Facing competition from Chinese automakers such as Tesla and BYD, Toyota is accelerating its transformation. At the Japan Mobility Show in October 2023, Toyota unveiled a Corolla concept car, with then-President Koji Sato stating that the next-generation Corolla would be built on a new platform compatible with multiple powertrain options, including battery electric, plug-in hybrid, hybrid, and internal combustion engines. Some Toyota engineers have expressed concerns that, compared to Chinese rivals like BYD, Toyota is already showing gaps in development cycles and production methods.