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Events

Events

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

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Pioneer Award: Bank of Mongolia Central Banking (FinTech RegTech Global Awards 2023) www.centralbanking.com

The Bank of Mongolia’s big data project collects granular data from all banks in its jurisdiction, daily, using a single data model that covers statistical, regulatory and business requirements. The new dataset includes green taxonomy, merchant category code, management gender, postcode and International Standard Industrial Classification of All Economic Activities, in addition to traditional financial data. With this initiative, the banking sector in Mongolia enters a new data era, enabling banks to develop digital loan products and improve cashflow, while providing regulators with real-time, accurate data.
“At midnight, banks run their end-of-day batch payment processing, with larger banks taking up to six hours and smaller banks taking close to half an hour to complete,” Byadran Lkhagvasuren, governor of the Bank of Mongolia, tells Central Banking. “Once this process is completed, we automatically pull data and process it, ready to be viewed at 9:00am with our morning coffee.” In 2021, the central bank began a knowledge exchange partnership with the Bank of Korea and Sangmyung University in Seoul, which helped it develop a big data road map and a more thorough understanding of what it wanted to achieve and how to achieve it. With the launch, 200 banking industry employees were reassigned from data preparation to other tasks, resulting in a significant cost reduction. “With multiple departments at banks involved in the data reporting process, and different departments at the central bank receiving the data at various levels, consistency between the received data and reports were difficult to maintain,” says Lkhagvasuren. Now, 61 template-based reports covering more than 200 sheets have been consolidated into a unified data model, and the average time lag of official statistics has been reduced from 17 days to one. “We don’t have to burden the banks with data preparation. Instead, we take all the responsibility for data preparation on ourselves,” says Lkhagvasuren. The central bank used to receive four gigabytes of data each year from the banks. Today, it estimates the platform will collect 17 terabytes of data annually. The big data platform uses a staging database in a parallel warehouse that is kept on the central bank’s premises and transmits encrypted data through a closed-circuit connection to supervisors and banks on a shared platform. “From data generation and collection to data compilation and dissemination through our official website, application programming interface, dashboards and other sources, our whole process is fully automated, with little to no human intervention.” The team visited banks in person to convince them of the merits of the project and sharing detailed data. “We had the opportunity to ‘grassroot’ the project from the bottom up and really make the banks believe in the project,” says Lkhagvasuren. The Bank of Mongolia can now also conduct more comprehensive stress-testing. Previously, the central bank could only look at accumulated risk on an aggregate level. “Now, we can delve deeper into cases such as a shock in the agricultural sector,” says Lkhagvasuren. End-users can dissect, aggregate and analyse data patterns, without compromising individual privacy. The Bank of Mongolia is now working to develop new suptech tools in three areas: creating new (early-warning) indicators and improving nowcasting models; conducting detailed stress tests on household debt in the banking sector; and creating a fraud detection alert system.
 
 
 
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Inner Mongolia land port sees surge in China-Europe freight trains www.gov.cn

Erenhot City, a major land port in north China's Inner Mongolia Autonomous Region, saw a sharp surge in China-Europe freight train trips in the first five months of 2023 to the tune of 1,285, up 15.87 percent year on year.

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Mongolia's Education Loan Fund Scandal Reveals Widening Wealth Gap www.mongoliaweekly.org

Mongolia, a country that has long recognized the transformative power of education, finds itself grappling with a disheartening trend that exposes the deepening inequality between its affluent and impoverished citizens.
Recent revelations have brought to the forefront allegations of government fund abuse, as the children of Mongolia's elite stand accused of exploiting the Education Loan Fund, further exacerbating the socioeconomic divide.
This scandal not only sheds light on the alarming wealth gap but also serves as a cautionary tale for aspiring politicians who harbor ambitions of running in the upcoming 2024 parliamentary elections.
Student walking in the University library
Throughout the years, Mongolia has sent its brightest young talents to advanced nations, recognizing education as a catalyst for progress and development. While the Soviet Union was once the primary destination during the communist era, the advent of democracy in the past three decades has expanded the choices to include the United States, Europe, Japan, and Korea.
Acknowledging the importance of fostering global competence, the Mongolian government initiated the financing of international studies at the top 100 universities worldwide.
However, concerns have recently surfaced regarding the misuse of government funds allocated for these educational opportunities. A former Deputy Minister of Mining and Heavy Industry, himself a Harvard graduate, revealed a disconcerting trend in which a significant number of students, predominantly high-ranking officials and their dependents, obtained loans from the Education Loan Fund without fulfilling their repayment obligations.
The former minister disclosed that over 2,300 students failed to repay their loans, with a staggering 90 percent of them having ties to influential figures within the government.
A former employee of the Education Loan Fund corroborated this, confirming the misappropriation of funds benefiting students with political connections.
Allegedly, each loan, ranging from $30,000 to $200,000 per student, was granted without adhering to proper selection processes, further fueling concerns about favoritism and the abuse of power. By diverting government funds to finance their children's studies at prestigious universities abroad, the privileged few effectively obstruct access to educational opportunities for those in genuine need. This resulting disparity in wealth, opportunity, and values undermines the principles of meritocracy and social mobility that should form the bedrock of any equitable society.
As public awareness of this scandal grows, so too does the public outrage. Many demanded borrowers who have taken loans from the Education Loan Fund to promptly repay their debts.
However, some borrowers claim exemption from repayment by citing a requirement to work in the country for five years after graduation, asserting that the funds were granted as a grant rather than a loan. Yet, these claims are met with skepticism, as the absence of clear legal provisions supporting such exemptions raises concerns of power misuse and circumvention of established procedures.
Moreover, the issue extends beyond the misuse of the Education Loan Fund. Mongolian universities have long struggled to provide quality education, resulting in a strong demand among Mongolians to seek education abroad at prestigious institutions.
The combination of this demand and the lack of oversight and accountability in fund allocation has created an environment ripe for exploitation and the entrenchment of privilege.
The misuse of Mongolia's Education Loan Fund by the country's elite reveals a disturbing trend of increasing inequality and the erosion of equal opportunities. Furthermore, it appears to be a politically motivated tactic aimed at undermining political opponents, as the children of leaders from the Democratic and National Labor Parties were specifically singled out. Also, it has come to light that the child of the construction minister, who has been in disagreement with his cabinet regarding electoral reforms, has also received a student loan.
Some politicians, including the education minister and opposition party leaders, swiftly repaid their loans for their dependents as the scandal escalated, attempting to mitigate the political fallout.
The palpable public outrage serves as a resounding message that Mongolians will no longer tolerate the perpetuation of privilege at the expense of the nation's development and prosperity. A similar wave of public anger occurred in late 2018 when high-ranking officials and politicians funneled subsidized loan money to their family and friends from government funds intended to support small businesses. This outcry resulted in the removal of the parliament speaker, a cabinet reshuffle, and numerous politicians losing their renomination for the 2020 elections.
The next scandal expected to emerge revolves around the farmer subsidy fund, with several politicians allegedly implicated in abuse and corruption. Given the country's heavy dependence on government funds, nearly every businessman-turned-politician in Mongolia is entangled in the web of state subsidies, loans, or state procurement.
As part of his unwavering commitment to combat corruption, Prime Minister Luvsannamsrain Oyun-Erdene and his close allies are actively pursuing the establishment of a definitive separation between business interests and political endeavors. Their objective is to ensure that these realms maintain a prudent distance from one another.
However, the potential costs associated with these demanding reforms, which are aimed at reinstating integrity within public institutions, remain uncertain. Maintaining a delicate balance is crucial when implementing these reforms, as excessive pressure and targeting influential politicians as scapegoats could potentially undermine Oyun-Erdene's support from his political allies.
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Mongolia launches vaccination against sheep, goat plague www.xinhuanet.com

Mongolia started vaccinating small ruminants against Peste des Petits Ruminants, also known as sheep and goat plague, the country's General Authority for Veterinary Services said Tuesday.
The authority said in a statement that "at least 30 million head of small ruminants in central and eastern parts of the country, where outbreaks of the highly contagious animal disease have been reported in recent years, will be vaccinated."
The livestock sector is a main pillar of the Mongolian economy. However, frequent livestock animal disease outbreaks impede the industry.
According to official statistics, the nomadic country had 71.1 million heads of livestock at the end of 2022. Sheep and goats accounted for most livestock at 46 and 38.8 percent, respectively.
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Mongolia's coal finds path to China via China-Central Asia freight train www.sxcoal.com

Mongolia finds a new coal export route to China after the first cross-border freight train departing from Mongolia's capital Ulan Bator arrived at northern China's Caofeidian port.
The freight train, comprising 98 open-top containers, carries an impressive load of 3,100 tonnes of raw coal. Its successful arrival at Caofeidian port signifies the establishment of an alternative trade route
This new railway connection forms a crucial component of the China-Europe (Central Asia) freight train service, helping bolster the global sea-rail transportation network of the Beijing-Tianjin-Hebei region. By integrating various modes of transportation, this venture not only enhances logistical efficiency but also strengthens international trade relations.
With the advent of this strategic export route, Mongolia is poised to further capitalize on its vast coal reserves and forge mutually beneficial economic ties with China.
Mongolia aims to export 50 million tonnes of coal this year, while the volume during the first five months stood at 23.06 million tonnes. Around 99% of the total exports, mainly coking coal, went to China, according to the Mongolian Customs General Administration.
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President Khurelsukh: Mongolia has decided to annually spend up to 1 percent of GDP to combat climate change and desertification www.montsame.mn

President of Mongolia Khurelsukh Ukhnaa delivered the opening remarks at the “Green Finance - International Forum". We present the full transcript of the President’s speech:
“Distinguished guests,
Ladies and gentlemen,
Good day to you all!
We have gathered here today to discuss the ways to reduce the negative effects of climate change, which has become the most difficult challenge humanity faces, and to deliberate on ways to increase our efforts to battle climate change and to find solutions to finance planned projects and programs.
Climate change has a strong impact on the security of human existence with scientists, researchers, world leaders and international communities paying special attention to this issue. Although, every country is trying to fulfill its goals, obligations and commitments, the negative effects of climate change are continuing to intensify.
Numerous studies consistently demonstrate that since pre-industrial levels for over the last 170 years, the average global temperature has risen by 1.09 percent as well as other negative impacts including loss of global biodiversity.
Moreover, from heatwaves in Europe and wildfires in North America, to droughts in Africa and floods in Asia: last year saw climate disasters on all five continents.
In meantime, world economy shows a rocky recovery.
According to the IMF, global growth is projected to decelerate from 3.4 percent in 2022 to 2.8 percent in 2023. In particular, the slowdown in the Euro Area is even more pronounced.
Despite the recent drop in energy prices, energy security concerns will continue to loom large. This speaks to the importance of the green transition and green development.
Therefore, despite the world facing the many social, economic and geopolitical challenges and difficulties, we must intensify our efforts to protect the environment and reduce the negative effects of climate change.
In other words, we need higher ambition, stronger policies, and more finance for implementation.
Therefore, the last point we will focus during this forum.
Despite the fact that the world is making efforts to reduce the negative effects of climate change, many issues remain to be resolved in terms of how to finance these efforts and policies.
Increasing climate finance is critical to not only mitigating the negative impacts of climate change, but also to increasing resilience and fostering sustainable and inclusive global development trends.
As of today, we are seeing only around 630 billion dollars a year in climate finance across the whole world according to the IMF report.
However, in order to fully reach the goals under the Paris Agreement and the sustainable development goals of the United Nations, trillions of funds are needed every year.
For instance, the latest study by the London School of Economics shows that developing countries (other than China)’ annual investment in climate action needs to increase immediately, from about $500 billion in 2019 to $2.4 trillion by 2030.
Financing should go toward accelerating the energy transformation, increasing investments in resilience to protect lives and livelihoods protecting people's livelihoods against the increasingly devastating effects of climate change, enhancing biodiversity and conserve the ecosystems, and building capacity of countries to effectively combat climate change.
Thus, countries cannot singlehandedly overcome the challenges that the humanity faces.
To deliver on our shared climate goals, we must combine policy reforms, capacity development, and financing arrangements. What we need today is unprecedented cooperation and coordination.
Distinguished guests,
Mongolia, which has an extreme continental climate, is one of the countries most affected by climate change. Specifically, over the last 80 years the its temperatures have risen by 2.25 percent, which is twice the world average.
In Mongolia, 77 percent or 120 million hectares of the Mongolian territory is affected by desertification.
In addition, the number of annual natural disasters has more than doubled over the last 25 years, and weather-related disasters affect 8 percent of Mongolians every year and cost 0.6 percent of GDP annually in damages, in average.
The countries of the world have determined their share in reducing greenhouse gas emissions, and in this context, more than 70 countries have pledged to reduce their greenhouse gas emissions to zero by 2050.
Although Mongolia’s GHG emissions are small in absolute terms (0.1 percent of global GHG emissions), Mongolia has consistently supported the international community's efforts to mitigate and adapt to climate change and has been making its due contribution.
For example, Mongolia set a goal of reducing greenhouse gas emissions by 27.2 percent by 2030, and at the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change expressed its policy and objective to zero greenhouse gas emissions by 2050.
In order to meet the above policies and objectives, Mongolia is implementing them in the domestic policies and action plans of the key social and economic sectors such as agriculture, energy, infrastructure, and health.
In this context, the President of Mongolia initiated national movements such as "One Billion Trees", "Food Supply and Security", and "Healthy Mongolians" and these are being implemented implemented throughout the country. I am pleased to inform you that the government, private sector, wealth creators, domestic and foreign investors, and citizens are actively participating and working together towards our common goal.
For example, by planting and caring for billions of trees by 2030, within the framework of the "One Billion Trees" national movement, we are confident that it will play a crucial role in the development of sustainable financing while reducing deforestation and degradation, increasing water resources and greenhouse gas sequestration.
In point of fact, I am pleased to note that UN Secretary General Antonio Guterres, during his visit last year, expressed his willingness to join and cooperate with the "Billion Tree" national movement.
With the implementation of the movement, the most important initial result is that there is a big change in the attitude of the citizens and the public towards the protection and restoration of the environment.
Furthermore, Mongolia needs to drastically reduce carbon dioxide emissions from the agriculture and energy sectors.
Mongolia’s potential for renewable energy is very large estimated at 2,600 gigawatts thanks to its geographical location and climatic condition. It presents an opportunity to decarbonize its energy sector and further contributes to the energy supply of the region.
Therefore, Mongolia will pay special attention to increasing its clean and renewable energy sources, improve the business environment in the sector, and actively cooperate with investors and the international community.
In addition, we are working to develop the food and agriculture sector in line with green development. For example, the projects, programs and activities implemented within the national movement "Food Supply and Security" will be aimed at supporting green development.
Distinguished delegates,
As Mongolians, our cultural heritage stems from our nomadic lifestyle, which has fostered a deep connection and harmonious coexistence with nature. This unique way of life embodies our inherent responsibility to both preserve the pristine beauty of our surroundings and derive sustainable benefits from it, ensuring its longevity for future generations.
Therefore, economic and social policies should be fully focused on rapid reduction of environmental pollution and ecological degradation, improving people's livelihoods, and building green development.
For countries, there is a limited opportunity to solve and overcome the risks, challenges of climate change as well as necessary funding by themselves, therefore it is vital to cooperate in a mutually beneficial way at the regional and international level, exchange experience and further expand the cooperation and collaboration of the organizations in this field.
In particular, due to the global pandemic, high inflation, and the energy crisis, limited fiscal space in most countries in recent years poses a significant risk to increase green finance.
Therefore, the second "“GREEN FINANCE – INTERNATIONAL FORUM” is important for expanding regional and international cooperation, strengthening mutual understanding, increasing green financing, improving the system, exchanging best practices, and coordinating policies and measures.
Furthermore, series of important issues will be discussed during this conference, such as strengthening institutional capacity for green development, enhancing coordination, roles and responsibilities of economic sectors, international approaches, standards and new instruments for green and sustainable financing, advanced technology, innovation and green agricultural sector, energy effective construction industry.
It is pre-estimated that $11.5 billion is needed for Mongolia to reach successfully targets in its Nationally determined contribution.
In terms of our efforts for mobilizing this funding, Mongolia has decided to annually spend up to 1 percent of our GDP to combat climate change and desertification.
Moreover, I am pleased to mention that in recent years, our private sector has been actively working to mobilize sustainable funding with tangible outcome.
For instance, during last year's "Green Finance - Regional Forum", Mongolia adopted its sustainable finance roadmap, and the financial sector committed to rapidly increase its green loans by 2030.
Moreover, Mongolia has developed its sustainable finance taxonomy in accordance with the international standards, and currently working to create a specialized financial institution for green financing through a proper public and private sector partnership model.
Also, I am pleased to mention that Mongolian commercial banks have successfully issued the first green bond on the international market, as well as Financial Regulatory Committee has granted a permission to issue the first domestic green bond by one of banks yesterday.
In the future, it is essential for Mongolia to fully define comprehensive green development policy, improve legal environment, ensure coordination and cooperation of stakeholders, and create a green business environment.
It is also advisable to actively participate in the carbon market, determine the carbon tax and green financing environment, introduce optimal innovative financing methods, and work proactively to create the legal framework.
For the implementation of the above policy objectives, we will actively cooperate with the public and private sector, foreign and domestic investors as well as international organizations towards increasing sustainable financing through their support and involvement.
Distinguished guests, delegates,
Fresh air, clean water, and sacred soil are the main sources of the wellbeing of the mankind.
The green development is the foundation of sustainable global development.
For the sake of the green development, humanity and the world we shall look in the same direction, cooperate harmoniously, and promptly make effective yet bold decisions.
Let’s work together towards the safer life for the humanity!
I wish the best for the organization of the forum!”
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The First Green Bond in Mongolia Registered www.montsame.mn

The Financial Regulatory Commission has registered the first green bond in Mongolia. The Financial Regulatory Commission (FRC) emphasizes that this is the first "Green Bond" assessed by the international organization Sustainable Fitch as meeting the principles of green bonds.
Khan Bank plans to issue the green bond without collateral in accordance with its credit rating calculated by an international credit rating agency and to implement a major mid-term goal of intensively increasing its green financing portfolio to finance environmentally friendly activities.
In 2021 FRC approved a new procedure for issuing green bonds, which play a significant role in the development of green financing in the country. In May 2020 FRC signed a Memorandum of Understanding with the International Finance Corporation (IFC), a member organization of the World Bank Group to solve the environmental problems facing Mongolia by increasing green financing.
According to the Memorandum IFC supported the development of procedures to regulate relations regarding issuance of green bonds and its registration in conformity with internationally recognized principles. The FRC supported and cooperated in including the regulations related to this relation in the newly approved "Procedure on Registration of Company's Debt Instruments." The establishment of this arrangement will be a step to support the development of the domestic "Green Bond" market for financing environmentally friendly and green projects in Mongolia.
At the international level, green bonds are widely used to attract investments required to reduce the negative effects of climate change, increase energy efficiency, and solve waste problems.
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How Starlink is Shaping Mongolia’s Digital Landscape www.isp.page

Mongolia is a vast country with a population of just over three million people. The majority of the population lives in rural areas, where access to the internet is limited. However, this is changing thanks to Starlink, a satellite internet service provided by SpaceX.
Starlink is a game-changer for Mongolia’s digital landscape. It provides high-speed internet access to remote areas that were previously unreachable. This is a significant advantage for rural communities, as it allows them to access information, education, and communication tools that were previously unavailable.
One of the main advantages of Starlink is its speed. It provides internet speeds of up to 150 Mbps, which is faster than most traditional internet services in Mongolia. This means that rural communities can now access online services, such as video conferencing, streaming, and online learning, without experiencing buffering or slow loading times.
Another advantage of Starlink is its reliability. Traditional internet services in Mongolia are often unreliable, with frequent outages and slow speeds. This can be frustrating for users, especially those who rely on the internet for work or education. Starlink, on the other hand, provides a reliable and consistent internet connection, even in remote areas.
Starlink is also cost-effective. Traditional internet services in Mongolia can be expensive, especially in rural areas where the infrastructure is limited. Starlink, however, provides a cost-effective solution for rural communities, as it does not require expensive infrastructure or maintenance costs.
One of the most significant advantages of Starlink is its accessibility. Traditional internet services in Mongolia are often limited to urban areas, leaving rural communities without access to the internet. Starlink, however, provides internet access to remote areas that were previously unreachable. This means that rural communities can now access the same online services as urban areas, without having to travel long distances.
Starlink is also easy to set up and use. Traditional internet services in Mongolia often require complex installations and configurations, which can be challenging for users. Starlink, on the other hand, is easy to set up and use, even for those with limited technical knowledge.
In conclusion, Starlink is shaping Mongolia’s digital landscape by providing high-speed, reliable, cost-effective, and accessible internet services to rural communities. This is a significant advantage for rural communities, as it allows them to access information, education, and communication tools that were previously unavailable. Starlink is a game-changer for Mongolia’s digital future, and it is expected to have a significant impact on the country’s economic and social development.
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Ban Ki-moon: Continue to Make a Difference in Your Zone of Influence www.montsame.mn

Mr. Ban Ki-moon, the 8th UN Secretary-General of the United Nations and Chairman of the Ban Ki-moon Foundation made a speech as the guest of honor at the Trans-Altai Stability Dialogue: Gender Equality and Sustainable Development, being held on June 12-14 at the State House.
“We all together represent the global movement in which we strive to create a just and equitable world for all. This is something I have advocated and practiced throughout my career. It is a core mission of the Ban Ki-moon Foundation for a Better Future. From the start of my tenure as the UN Secretary-General, I promised to make gender equality and women's rights a global priority.
Recognizing that change starts at home, has inspired the appointment of dozens of high-profile women to leadership positions within the United Nations. As I travel the world, I witness the struggles of women and girls, drawing strength from the indomitable spirit of the women, who show resilience and determination to make a difference in their communities.
As outlined in the latest report on the Sustainable Development Goals, the world faces obstacles to achieving its goal for gender equality by 2030. Specifically, the social and economic consequences of the COVID-19 pandemic have a particularly negative impact on women and girls. Violence against women continues to plague our society. Also, the progress for women to reach leadership positions in the political and economic sectors is still slow.
To change it, we must use a holistic and multifaceted approach. We should encourage legislation, policies, funding, and institutions that advance gender equality. We should encourage legislation, policies, funding, and institutions that advance gender equality. I want all of you, the policymakers, experts, academics, and students gathered here today, to continue to make a difference in your zone of influence.
We hope that the Trans- Altai Sustainability Dialogue will raise Mongolia's reputation overseas. With unity and determination, we can overcome obstacles and speed up the future in which discrimination against girls and women is eradicated, and a stable and prosperous society is built,” said Mr. Ban Ki-moon.
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Toyota unveils sweeping plans for new battery tech, EV innovation www.reuters.com

Toyota (7203.T) will introduce high-performance, solid-state batteries and other technologies to improve the driving range and cut costs of future electric vehicles (EVs), the automaker said on Tuesday, a strategic pivot that sent its shares higher.
The Japanese giant's technology roadmap, covering aspects as varied as next-generation battery development and a radical redesign of factories, amounted to the automaker's fullest disclosure of its plan to compete in the fast-growing market for EVs where it has lagged rivals led by Tesla (TSLA.O).
The plan comes a day before an annual shareholders meeting where governance and strategy - including a slow pivot to battery EVs under former CEO Akio Toyoda - will be scrutinised.
Shares of the world's best-selling automaker jumped 5% on the day to 2,173 yen, the highest since August.
Toyota said it aims to launch next-generation lithium-ion batteries from 2026 offering longer ranges and quicker charging.
It also trumpeted a "technological breakthrough" that addresses durability problems in solid-state batteries and said it is developing means to mass produce those batteries, targeting commercialisation over 2027-2028.
Solid-state batteries can hold more energy than current liquid electrolyte batteries. Automakers and analysts expect them to speed transition to EVs by addressing a major consumer concern: range.
Still, such batteries are expensive and likely to remain so for years. Toyota will hedge with better-performing lithium iron phosphate batteries, a cheaper alternative to lithium-ion batteries that have spurred EV adoption in China, the world's largest vehicle market.
At the high end of the market, Toyota said it would produce an EV with a more efficient lithium-ion battery offering a range of 1,000 km (621 miles). By comparison, the long-range version of the lithium-ion-powered Tesla Model Y, the world's best-selling EV, can drive for about 530 km based on U.S. standards.
An EV powered by a solid-state battery would have a range of 1,200 km and charging time of just 10 minutes, Toyota said. By comparison, the Tesla Supercharger network - the largest of its kind - offers the equivalent of 321 km of charge in 15 minutes.
Toyota did not detail expected costs or required investment for the plans.
Engineers at the automaker have been considering a reboot of its EV strategy since last year to better compete.
The roadmap detailed on Tuesday showed that under new CEO Koji Sato, Toyota has adopted much of the revamp that engineers and planners have been developing as options for months.
That includes use of electric-axle and other technology from suppliers such as Aisin (7259.T) and Denso (6902.T).
"What we want to achieve is to change the future with BEVs," Takero Kato, president of new Toyota EV unit BEV Factory, said in a video posted on the automaker's YouTube channel on Tuesday.
NEW ASSEMBLY TECHNOLOGY
Toyota said it was developing a dedicated EV platform to reduce the cost of new models and a heavily automated assembly line that would do away with the conveyor belt system that has defined auto production since Henry Ford over 100 years ago.
In Toyota's "self-propelling" assembly line, cars under production would drive themselves through the process.
It also said it would use Giga casting to cut production costs, adopting an innovation pioneered by Tesla using massive, aluminium casting machines to reduce vehicle complexity.
Koji Endo, senior analyst at SBI Securities, said he was surprised by Toyota's move to counter Tesla's lead in production efficiency. "I'm not sure yet Toyota can push back in a counter offensive, but it's getting ready to try," he said.
Toyota's BEV Factory, established in May, aims to produce about 1.7 million vehicles by 2030, Kato said - about half of the 3.5 million EVs Toyota aims to sell annually by that year.
In April, the automaker sold 8,584 EVs worldwide, including under its Lexus brand, accounting for more than 1% of its global sales in a single month for the first time.
Toyota sold almost 10.5 million vehicles in 2022, and has a market value of about $254 billion. By contrast, Tesla sold one-eighth as many vehicles yet is valued at around $791 billion, a premium reflecting investor belief in Tesla's growth potential.
Toyota has long said it wants to offer consumers a choice of new-energy vehicles, including petrol-electric hybrids and hydrogen fuel cells as well as battery EVs, as part of the industry's transition from petrol-powered vehicles.
Reporting by Daniel Leussink; Editing by Christopher Cushing and Kevin Krolicki
 
 
 
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