Chairman of Toyota Motor Corp. TM Akio Toyoda forecasts battery electric vehicles (EVs) will secure no more than 30% of the global automotive market share, leaving the majority to other fuel technologies.
What Happened: Toyoda envisions that hybrids, hydrogen fuel cell vehicles, and conventional fuel-burning cars will dominate the rest of the market, as opposed to EVs. He was speaking at a lecture on Toyota’s production system.
The Chairman further expressed concerns over limiting the transportation options of over a billion people globally who lack electricity. He argued that the decision should be consumer-driven rather than being dictated by regulations or political influence.
“The important thing is not to convert to BEV or FCEV. The enemy is CO2. So, let’s all think about reducing CO2 right away,” he said.
Why It Matters: This statement comes in the face of criticisms for Toyota’s perceived slow pace in transitioning to electrification. In defense, Toyota points to its commitment to hybrid drivetrains, hydrogen technology, and a comprehensive strategy to meet the varied needs of customers and environmental concerns.
“I think engine cars will definitely remain,” Toyoda said at the lecture. “That’s why Toyota Motor Corporation, which is competing all over the world, has a full lineup of multi-pathway products.”
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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