Tesla Cybertruck’s Reservation List Empty? Toyota Warns of EV Job Apocalypse as BYD Takes Over Europe

October 3, 2024 – Tokyo, Japan
The once-exclusive Tesla Cybertruck reservation list is no longer quite so limited, while Toyota issues a stark warning about the risks of fully transitioning to electric vehicles, which they believe could impact Japan’s job market. Meanwhile, Chinese automaker BYD is ramping up its offensive, aiming to solidify its name in global markets amid protective tariffs.

BYD is determined to penetrate one of the world’s most critical automotive markets, despite increasing tariffs designed to keep their affordable EVs at a disadvantage. With plans to expand into Europe, the company’s president, Stella Li, expressed confidence in their ability to win over European customers in just six months. Germany is their first stop before tariffs take full effect. BYD’s goal is to offer affordable electric vehicles, starting at around €25,000, and plans to open factories in Hungary by 2025 and Turkey by 2026 to ease import duties.

Li credits China’s rapid adoption of EVs to its government’s clear policies on electrification, in contrast to the uncertainty in other markets, which she believes is hampering the shift to electric vehicles. She warns that companies still betting on combustion engines could be at risk if the world transitions to electric cars in the next five years.

In the U.S., Tesla appears to have exhausted its Cybertruck reservation list. Customers who reserved a Cybertruck just weeks ago are already being invited to configure and purchase the vehicle, despite Tesla previously touting a backlog of over two million pre-orders. However, Tesla’s final product has fallen short of initial promises, with the truck delivering only 60% of the originally advertised 500-mile range. Despite this, the Cybertruck became the third best-selling EV in Q3 2024, though it lags behind Tesla’s more established models.

At the same time, Toyota’s chairman, Akio Toyoda, continues to push back against a fully electric future. During a speech at Nagoya University last week, he reiterated that transitioning entirely to electric vehicles could jeopardize jobs in Japan’s auto industry. The country’s automotive workforce comprises 5.5 million people, many of whom are involved in engine-related work. According to Toyoda, a single-path EV future could lead to widespread job losses.

Toyota remains committed to its multi-pathway approach, blending electric vehicles, hybrids, and fuel-cell technology. The company argues that its strategy offers more employment stability, as traditional combustion engines and hybrid vehicles require more labor than battery-electric models alone.

While BYD is accelerating its global expansion and Tesla battles mixed results with the Cybertruck, Toyota’s warning signals the broader challenges of an all-electric future, not just in technology but also in economic and social terms. The coming months will reveal how automakers, governments, and consumers navigate these competing interests in the rapidly evolving automotive industry.