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| Toyota compares Tesla's business to a restaurant that advertises its recipes |
Toyota Motor Corporation announced its intention to enter the electric car competition and unexpectedly criticized the strong financial evaluation of Tesla electric car maker.
Toyota Motor Corporation Chairman Akio Toyoda also admitted that Tesla's value of $ 400 billion was too high, outperforming all seven Japanese automakers combined.
He also said: Toyota could learn lessons from Tesla's successful experience and business model with investors. The business model includes electric vehicles, government loans, programs, and revenues from renewable energy products.
The grandson of the Toyota founder compared Tesla's business to a restaurant that always advertised its recipes, and Toyota is more like a restaurant that actually serves a large number of customers.
“We're losing money on stock prices, but there is a whole client list,” Toyoda said.
“Tesla hasn't started a suitable company yet,” he added. People only buy formulas and try commercial formulas. He said: Our formula will become the global standard in the future, and in Toyota we also have a real kitchen and a real chef and prepare dishes.
Toyoda pointed out that his company manufactures and sells more cars than Tesla Motors, pointing to the 100 million Toyota cars owned by individuals on the road.
Toyota plans to sell about 7.5 million cars in fiscal year 2021 from April 1, 2020, and Tesla plans to sell 500,000 electric cars by 2020.
Akio Toyoda describes Toyota's products as an exhaustive list covering internal combustion engines, hybrid cars, battery-only electric vehicles, and fuel cell vehicles from the company.
Toyota introduced hybrid electric cars through the Prius product line, which went on sale in 1997.
The company also manufactures very limited numbers of battery-powered electric RAV-4s, including the second generation electric RAV-4 made in partnership with Tesla.
It was only in the second half of last year that Toyota Motor Corporation announced the formation of a joint venture with one of Tesla's major competitors. Toyota has not committed to mass production of battery electric vehicles.