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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toyota Motor Corporation    7203   JP3633400001

TOYOTA MOTOR CORPORATION

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Electric cars not ready for mass production yet - Toyota chairman to Spiegel

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11/17/2017 | 12:02pm EDT
Toyota Motor Corp. Chairman of the Board of Directors Uchiyamada speaks during an event to mark the launch of the redesigned Prius PHV in Japan, in Tokyo

FRANKFURT (Reuters) - Battery-powered cars are not ready for mass production yet, the chairman of Japan's Toyota Motor Corp (>> Toyota Motor Corp) told a German magazine, adding that he did not see U.S. electric vehicle pioneer Tesla (>> Tesla) as a role model.

FRANKFURT (Reuters) - Battery-powered cars are not ready for mass production yet, the chairman of Japan's Toyota Motor Corp (>> Toyota Motor Corp) told a German magazine, adding that he did not see U.S. electric vehicle pioneer Tesla (>> Tesla) as a role model.

"Battery-powered cars with a long range are very expensive and it takes a long time to charge them," Takeshi Uchiyamada was quoted as saying by Der Spiegel. "Such cars do not fit in our program."

Toyota in September established a venture to develop electric vehicle technology with partner Mazda Motor Corp (>> Mazda Motor Corp), seeking to catch up with rivals in an increasingly frenetic race to produce more battery-powered cars.

Both automakers are somewhat behind their peers, with neither having a fully electric passenger car on the market yet. This contrasts with Tesla, which late on Thursday unveiled an electric heavy duty truck as well as a new roadster.

"Tesla is not our enemy and not our role model," Uchiyamada said. "I think it's the German manufacturers that rather see Tesla as a competitor."

BMW (>> Bayerische Motoren Werke) and Mercedes (>> Daimler) are betting they can mass produce new electric cars based on conventional vehicles, defying sceptics who say they will need more radical designs to head off the threat from Tesla and other start-up carmakers.

Uchiyamada said that Toyota was working on a new type of solid-state battery that is able to store more power and can be recharged much more quickly than current types.

"This technology will be a big development step. But that will still take time. We expect mass production in four to five years."

On Friday, Toyota and Suzuki Motor Corp (>> Suzuki Motor Corp) said they had agreed to cooperate in selling electric vehicles in India from around 2020, aiming to give each other a leg up in emerging markets and in low-emission technology.

(Reporting by Christoph Steitz; Editing by Hugh Lawson)


Stocks mentioned in the article
ChangeLast1st jan.
BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT -1.11% 48.22 Delayed Quote.-11.43%
CAR INC. 0.86% 2.35 End-of-day quote.-55.83%
DAIMLER AG -1.46% 47.97 Delayed Quote.-1.40%
LINE CORPORATION 0.00% 5360 End-of-day quote.0.19%
STEP CO.,LTD. -3.39% 1481 End-of-day quote.-6.21%
SUZUKI CO.,LTD. 0.59% 680 End-of-day quote.-17.48%
SUZUKI MOTOR CORPORATION 0.76% 4670 End-of-day quote.2.26%
TESLA, INC. 1.33% 427.62 Delayed Quote.404.31%
TOYOTA MOTOR CORPORATION 1.62% 7009 End-of-day quote.-9.14%
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Financials
Sales 2021 25 154 B 241 B 241 B
Net income 2021 1 189 B 11 374 M 11 374 M
Net Debt 2021 15 792 B 151 B 151 B
P/E ratio 2021 16,6x
Yield 2021 3,09%
Capitalization 19 597 B 186 B 187 B
EV / Sales 2021 1,41x
EV / Sales 2022 1,26x
Nbr of Employees 359 542
Free-Float 62,1%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 7 758,33 JPY
Last Close Price 7 009,00 JPY
Spread / Highest target 34,1%
Spread / Average Target 10,7%
Spread / Lowest Target -21,5%
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Managers
NameTitle
Akio Toyoda President, CEO & Representative Director
Takeshi Uchiyamada Chairman
Kenta Kon Chief Financial Officer
Seiji Sakai Manager-Information Systems & IT Management
Masahito Maeda Chief Technology Officer
Sector and Competitors
1st jan.Capitalization (M$)
TOYOTA MOTOR CORPORATION-9.14%182 661
VOLKSWAGEN AG-21.49%85 457
DAIMLER AG-2.13%61 604
GENERAL MOTORS COMPANY-2.73%50 947
BMW AG-12.25%48 903
HONDA MOTOR CO., LTD.-15.73%41 967