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Tesla Motors Inc (TSLA) and Toyota Have Similar Goals but a Strained Rapport

Tesla Motors, Inc (NASDAQ:TSLA)

Tesla Motors Inc has already got rid of internal combustion cars from its line, but the worlds’ biggest automaker, Toyota, is yet to do so. However, the Japanese firm has outlined a plan for doing so by the year 2050, says a report from Forbes.

Toyota making very long-term plans

Toyota Motor Corp (ADR)  revealed plans of reducing CO2 emissions in the firm’s new car by 90% by 2050. While speaking to the Japanese business publication, the senior Managing Officer at Toyota, Kiyotaka Ise, said, “You may think 35 years is a long time, but for an automaker to envision all combustion engines as gone is pretty extraordinary.”
Tesla motors inc (NASDAQ:TSLA) Self-driving cars

 

Toyota Chairman Takeshi Uchiyamada said the environment is waning day by day, and this urgency has pushed the use electric cars deeper. So, it is must for the firm to raise the bar and take on bigger challenges looking 20 to 30 years ahead in future. Presently, the firm is not in a position to come up with a direct Tesla rival, rather it will launch a hydrogen fuel-cell car called Mirai, which it introduced in December.

Both Tesla Motors Inc and Toyota share the same goal, but their relationship has been less cordial. Hydrogen technology got a lot of criticism from Tesla founder Elon Musk, who claimed that it is tough to make required set-up for the hydrogen fuel cell cars. In reply, Toyota released a video with the title Fuelled by Bullsh*t: Presented by Toyota Mirai.

Tesla now focusing on Model 3

At a time when others are making plan to enter EV field, Tesla is busy working on its next mass market car.
JB Straubel, Tesla CTO was at the University of Nevada recently to talk on a new internship program for the firms so-called Gigafactory. The Battery Research Program of the University will get an amount of $1m from Tesla.

While speaking there, Straubel confirmed that the firm has shifted its focus to the Model 3, after the launch of Model X last month. Most of the Tesla teams are now working on the project, the CTO said. It is expected that the Model 3 will be offered at a starting price of $35,000 and a range of more than 200 miles.

At around 11 am EDT, Tesla Motors Inc shares were up 0.39% at $227.90. Year to date, the stock is up almost 3% while in the last one-year, they are up almost 1%.

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Adam Green is an experienced writer and fintech enthusiast. He he worked with LearnBonds.com since 2019 and covers a range of areas including: personal finance, savings, bonds and taxes.

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