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Toyota Cautions Apple On Auto Market Debut Citing Long-Term Sustainability Challenges: Report

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Anusuya Lahiri
·2 min read
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Toyota Motor Corp (NYSE: TM) President Akio Toyoda cautioned Apple Inc (NASDAQ: AAPL) of its ambitious auto venture. He said that just the technology would not suffice, and there’s more to the business of selling cars, Bloomberg reports.

  • “Anyone can make a car if they have the technical ability, but, once they make a car, I hope they’ll recognize they have to steel themselves for 40 years of responding to customers and to various changes,” Mr. Toyoda said at a Thursday news conference, the Wall Street Journal reported.

  • Although Apple might take at least five years to launch its planned autonomous EV, the company continues to impact the car industry as it approached a bevy of automakers for a vehicle partnership.

  • Apple’s foray into the car market has triggered fear among some legacy automakers over the company’s disruptive nature, leading to backtracking by Hyundai Motor Co (OTC: HYMTF) and others. Other automakers, including Toyota and Volkswagen AG (OTC: VLKAF), also remained aloof.

  • However, Volkswagen dispelled concerns over Apple’s overnight takeover of the auto industry akin to the tech industry.

  • Toyoda added that customers should be prepared to assume responsibility for the entire vehicle life cycle from maintenance to eventual scrapping.

  • He previously credited his company for experience in manufacturing over 100 million cars, something that Tesla Inc (NASDAQ: TSLA) lacked and did not subscribe to the products manufactured by Elon Musk-led company when the latter overtook as the most valuable automaker in 2020.

  • Apple could opt for contract manufacturing for the EV akin to iPhone production as it could not strike a deal with other automakers.

  • Price action: TM stock was down 0.65% at $150.85 on the last check Thursday. AAPL stock was up 2.13% at $122.54.

  • Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.

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