Toyota To Invest Record Profits Into Electric Vehicles And AI

Toyota made a ton of cash last year—to be more precise, $34.5 billion in profits. Now, it's looking to put that money to work by investing into some long-overdue electric-vehicle battery and software tech. Welcome back to Critical Materials, your daily roundup for all things EV and automotive tech.

Tesla is betting big on the success of its robotaxi. In fact, the automaker pulled back its strategy to release a cheap, mass-market EV in favor of the robotaxi and then announced that Tesla would reveal its robotaxi on August 8th. Eventually, following heated backlash from investors, Tesla said that it would explore accelerating its next-gen EV platform in the coming months.

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Toyota racks up booming profit, vows to invest to keep growth goingToyota has reported that its profit for the fiscal year that ended in March doubled over a year earlier, as strong vehicles sales and a favorable exchange rate lifted results for Japan’s top automaker. Toyota said Wednesday that its profit in the last fiscal year totaled 4.9 trillion yen, or $31.9 billion, while sales jumped 21%.
Source: AP - 🏆 728. / 51 Read more »