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Toyota Chairman Projects Mere 30% Maximum Market Share For Battery Electric Vehicles

Published 23/01/2024, 12:54
© Reuters.  Toyota Chairman Projects Mere 30% Maximum Market Share For Battery Electric Vehicles
TM
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Benzinga - by Anan Ashraf, Benzinga Editor.

Chairman of Toyota Motor Corp. (NYSE: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.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read More: ‘We're Not Stuck In A Mold:' Cybertruck Designer Credits Tesla CEO Elon Musk As Driving Force To ‘Bring The Future Forward'

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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