Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Toyota Mirai. Photo: Anadolu Agency

Toyota plans to unveil a new type of "personal electric vehicle" this week and will outline a broad electrification strategy heavily reliant on partnerships with Chinese manufacturers, Axios has learned.

Why it matters: Despite its longtime lead in hybrids like the Prius, Toyota is seen as lagging on the industrywide shift to battery electric vehicles (BEVs), especially as China and Europe have moved to mandate more zero-emission vehicles.

What's new: On Friday in Japan, Toyota senior executives will share details of the company's electric vehicle pipeline and its future EV business model, according to a source with knowledge of the plan.

  • New products will include "personal EVs" and other battery-powered passenger cars.
  • The company also plans to discuss other aspects of its electrification effort, including collaboration with unnamed Chinese partners on batteries and future battery-powered vehicles.
  • The strategy is not being widely publicized in the U.S. because of sensitivity to strained U.S.-China trade relations.

Context: Toyota has favored hydrogen fuel cell vehicles like its Mirai sedan, but sales have been slow. The company is still committed to fuel cell technology long-term, but is pivoting toward trucks and other uses for now.

  • In April, Toyota said it would offer free access to its hybrid-vehicle patents through 2030, in part to extend hybrid technology and stave off the challenge from fully electric cars.
  • Toyota previously said that by the early 2020s it would have 10 BEV models that it plans to first sell in China and then gradually introduce to Japan, the U.S. and Europe.
  • By 2030, Toyota aims to hit annual electrified vehicle sales of 5.5 million units globally, including hybrids and more than 1 million zero-emission vehicles, with many fuel-cell-powered commercial trucks replacing diesel trucks in the 2030s, per Ward's Auto.  

Go deeper

5 mins ago - Technology

TikTok hits 1 billion users

Data: Axios research; Chart: Will Chase/Axios

TikTok on Monday said that it has amassed more than 1 billion monthly active users in its short lifetime, joining an exclusive club of apps that have already reached that size.

Why it matters: TikTok has continued to grow despite enormous pressure from regulators around the globe and increased competition from copycat products built by its competitors.

6 mins ago - Technology

Facebook: Metaverse won't "move fast and break things"

Illustration: Aïda Amer/Axios

Facebook on Monday said it will invest $50 million over two years in global research and program partners to ensure its metaverse products "are developed responsibly."

Why it matters: "It's almost the opposite of that now long-abandoned slogan of 'move fast and break things,'" Facebook's VP of global affairs Nick Clegg told Axios in an interview at The Atlantic Festival Monday.

Ina Fried, author of Login
15 mins ago - Technology

Facebook presses "pause" on Instagram Kids

Illustration: Annelise Capossela/Axios

Facebook's announcement Monday that it was "pausing development" on Instagram Kids did little to slow a wave of criticism of the project ahead of a Senate hearing Thursday.

Yes, but: There's an argument to be made for building kids' version of popular apps, even if their adult versions are causing real-world harms.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!