Here’s What We Know About the New Toyota Stout EV
Key Takeaways
- Toyota is expected to release its new Stout EV in late 2023 or early 2024
- There’s a lot of hype about the new vehicle and its rumored features
- This release is one of multiple efforts in the EV space for Toyota
Toyota is looking to do big things in the EV world. Its revamped EV strategy aims to position the Japanese automaker to better compete with Tesla. We’ll dive into the highlights of the strategy and the forthcoming Stout EV hybrid truck below.
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What do we know about the electrification of Toyota
Let’s start with a really quick history lesson: The original Toyota Stout was the automaker’s first light-duty truck sold from 1954 through 1989. You could only buy one in the U.S. for a few years in the mid- to late-sixties, and those OG Stouts are now mostly discussed on niche vintage car blogs.
But Toyota is coming out with a new, hybrid Stout — mostly likely early next year. There’s a lot of speculation about its features, capabilities, and how it will stack up against competition on the market.
Without getting too far in the weeds on car specifications, it seems that experts anticipate improved fuel efficiency, better handling, and an overall safer vehicle compared to older Toyotas. The engine is also predicted to outperform that of the EcoBoost-powered Ford Maverick.
Interestingly, it’s not just the Stout. Toyota is busy with other facets of EV advancement as well.
At a recent briefing, Toyota announced plans to roll out a model by 2025 that will extend cruising range by 20% with a solid-state battery breakthrough. Producing solid-state batteries at scale could reduce charging times and increase capacity. It might mean a huge improvement over the lithium ion batteries currently used for EVs.
This week, Toyota also said it will sell 250 billion yen ($1.80 billion) in telecoms company KDDI Corp (9433.T). Why? To raise funds for more EV development.
What does this mean for investors?
In June, Toyota shares hit a 16-month high partially thanks to the company’s EV strategy with a focus on “next-generation” batteries.
Shareholders expect big things from Toyota, and so far, the numbers look good: Toyota Electric vehicle sales jumped 31.6% from a year ago. In North America, Toyota sold 63,328 electric vehicles, which amounts to a 14.2% increase YoY.
The bottom line
Toyota has a lot going for it when it comes to EV disruption. Progress doesn’t happen overnight — Toyota doesn’t expect its innovative solid-state battery to hit the market until 2027 — but global EV sales are expected to increase in the coming years. Improvements to battery efficiency would likely boost that increase even more.
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