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Toyota (TM) Makes Charging Stations Accessible to Other EVs
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Toyota Motor Corporation's (TM - Free Report) Lexus charging stations are now open to all EV brands in Japan. With their 150kW max quick chargers, other EVs can now use Lexus charging stations. Previously, these stations were exclusive to Lexus owners and accessible via the My Lexus app. The charging fee is ¥120 per minute and users are required to make a reservation online. It offers users complimentary refreshments, workspaces, reserved spots and discounts on various services.
Users can also reserve a spot up to 60 days in advance and pay conveniently through the app. Currently, there are two Lexus rapid charging stations in Japan. The first station is in Tokyo Midtown Hibiya and the other is at Karuiza Common Grounds, Karuizawa, in Nagano Prefecture. Toyota plans to add two more stations in Osaka and Nagoya by March 2025 and aims to expand to 100 stations throughout Japan by 2030.
The widespread adoption of Tesla, Inc.'s (TSLA - Free Report) North American Charging Standard (NACS) gained significant attention last year, with Ford being the first to commit to this system. Tesla also included Supercharger access for companies adopting NACS, which Elon Musk envisions as the primary charging port for all vehicles.
Following Ford's lead, many companies announced to switch to NACS, moving away from the Combined Charging System standard to embrace the Tesla port and its complimentary Supercharger access. This shift includes American, European and Asian brands, such as Honda, Toyota and Lexus.
A year later, brands that committed to NACS, including Ford, GM and Rivian, are now eligible to use Superchargers. In Japan, Toyota is driving a similar transition by making Lexus charging stations accessible to all EVs and planning to expand these stations nationwide.
Toyota sold 206,850 units of EVs in the first quarter of 2024. EV sales rose 74% year over year and contributed 36.6% to the company’s total sales volume.
The consensus estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.29% and 155.14%, respectively. The EPS estimates for 2024 and 2025 have improved 63 cents and 69 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for AXL’s 2024 sales and earnings suggests year-over-year growth of 3.05% and 544.44%, respectively. The EPS estimates for 2024 have moved up 6 cents in the past 60 days. The EPS estimates for 2025 have moved up 15 cents in the past 30 days.
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Toyota (TM) Makes Charging Stations Accessible to Other EVs
Toyota Motor Corporation's (TM - Free Report) Lexus charging stations are now open to all EV brands in Japan. With their 150kW max quick chargers, other EVs can now use Lexus charging stations. Previously, these stations were exclusive to Lexus owners and accessible via the My Lexus app. The charging fee is ¥120 per minute and users are required to make a reservation online. It offers users complimentary refreshments, workspaces, reserved spots and discounts on various services.
Users can also reserve a spot up to 60 days in advance and pay conveniently through the app. Currently, there are two Lexus rapid charging stations in Japan. The first station is in Tokyo Midtown Hibiya and the other is at Karuiza Common Grounds, Karuizawa, in Nagano Prefecture. Toyota plans to add two more stations in Osaka and Nagoya by March 2025 and aims to expand to 100 stations throughout Japan by 2030.
The widespread adoption of Tesla, Inc.'s (TSLA - Free Report) North American Charging Standard (NACS) gained significant attention last year, with Ford being the first to commit to this system. Tesla also included Supercharger access for companies adopting NACS, which Elon Musk envisions as the primary charging port for all vehicles.
Following Ford's lead, many companies announced to switch to NACS, moving away from the Combined Charging System standard to embrace the Tesla port and its complimentary Supercharger access. This shift includes American, European and Asian brands, such as Honda, Toyota and Lexus.
A year later, brands that committed to NACS, including Ford, GM and Rivian, are now eligible to use Superchargers. In Japan, Toyota is driving a similar transition by making Lexus charging stations accessible to all EVs and planning to expand these stations nationwide.
Toyota sold 206,850 units of EVs in the first quarter of 2024. EV sales rose 74% year over year and contributed 36.6% to the company’s total sales volume.
Zacks Rank & Key Picks
TM currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Blue Bird Corporation (BLBD - Free Report) and American Axle & Manufacturing Holdings, Inc. (AXL - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.29% and 155.14%, respectively. The EPS estimates for 2024 and 2025 have improved 63 cents and 69 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for AXL’s 2024 sales and earnings suggests year-over-year growth of 3.05% and 544.44%, respectively. The EPS estimates for 2024 have moved up 6 cents in the past 60 days. The EPS estimates for 2025 have moved up 15 cents in the past 30 days.