Wednesday, July 24, 2024

Toyota (TM) Partners With IONNA to Boost EV Infrastructure

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In a significant step toward bolstering electric vehicle (EV) infrastructure in North America, Toyota TM has joined forces with seven major auto biggies by investing in IONNA, an EV charging network company. This strategic partnership aims to enhance charging accessibility for battery EV (BEV) users and promote the adoption of sustainable transportation.

Toyota’s investment in IONNA aligns it with automakers such as BMW, Honda, General Motors, Hyundai, Kia, Mercedes-Benz and Stellantis, who have also pledged their support to IONNA. The collaboration among the eight automakers represents a unified effort to invest in and develop EV charging infrastructure, addressing a critical need for the growing EV market.

Together, these companies are backing IONNA’s ambitious plan to install more than 30,000 high-powered charging ports across North America by 2030. This network will feature DC fast chargers equipped with both NACS and CCS connectors, catering to a wide range of BEV drivers. The deployment of DC fast chargers across the United States and Canada would boost customer confidence in BEVs and facilitate their adoption.

Ted Ogawa, president and CEO of Toyota Motor North America, emphasized that Toyota and Lexus customers would benefit from the expanding IONNA network, enhancing their EV ownership experience with improved charging accessibility.

The charging stations will offer various amenities and conveniences, making the charging process more pleasant for users. IONNA plans to bring its first batch of DC fast charging stations online later this year, with a continued expansion throughout the decade.

Currently, Toyota offers two mass-market BEVs in the United States and Canada — the Toyota bZ4X and the Lexus RZ. Looking ahead, Toyota has ambitious plans to expand its BEV lineup, aiming to introduce 30 new BEV models globally by 2030. The company also intends to produce up to 3.5 million BEVs annually, positioning itself as a significant player in the global EV market.

Zacks Rank & Key Picks

Toyota currently carries a Zacks Rank #3 (Hold).

Better-ranked players in the auto space include Honda HMC, American Axle AXL and Ford F. While  HMC and AXL sport a Zacks Rank #1 (Strong Buy), Ford carries a Zacks Rank #2 (buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Honda’s fiscal 2025 EPS has moved up by 9 cents in 60 days. The company beat earnings estimates in each of the trailing four quarters. Honda has a VGM Score of B.

The Zacks Consensus Estimate for AXL’s 2024 EPS has moved up by 2 cents in 60 days. The company beat earnings estimates in three of the trailing four quarters and missed in one. American Axle has a VGM Score of A.

The Zacks Consensus Estimate for F’s 2024 EPS has moved up by 3 cents in 30 days. The company beat earnings estimates in three of the trailing four quarters and missed in one. Ford has a VGM Score of A.

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Ford Motor Company (F) : Free Stock Analysis Report

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American Axle & Manufacturing Holdings, Inc. (AXL) : Free Stock Analysis Report

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