EVs Will Only Make Up 30% Of Global Car Market - Toyota Chairman

According to Toyota chairman Akio Toyoda, battery-electric cars will never account for more than 30% of the auto market. He stated at a press conference in Japan this month that gas-powered combustion engine cars, hybrids, and hydrogen fuel cells will make up the remaining portion of the market.

The grandson of Toyota's founder stated that consumers want choice, but he also brought up the fact that a billion people worldwide lack access to electricity. As a result, Toyoda who served as CEO from 2009 to 2023 emphasized that Toyota produces a variety of automobiles to meet the needs of various clientele.

He made the point that while Toyota has its eggs in many baskets, vocal proponents of battery-only electric vehicles possibly alluding to companies like Tesla have an all-or-nothing approach. According to the chairman, engine cars will definitely remain and customers, not politicians or regulations, should decide the market. He refuted assertions that Toyota is falling behind in the development of battery electric vehicles by highlighting the company's wider achievements and history of creating hybrid cars.

As per a transcript of the conference released by Toyota, he stated Japan is the only developed country to have reduced CO2 emissions by 23 percent thanks to the introduction of [hybrids] in Japan 20 to 30 years ago. 'Japan has its own way of doing things. I don't think the correct answer is to try to imitate the West in everything,' he remarked.

With the release of the Prius in 2000, Toyota became the first car manufacturer to introduce hybrid vehicles into the mainstream. Because of concerns about range and infrastructure, many Americans have doubts about battery-electric vehicles.

Toyota has also become a pioneer in the development of hydrogen fuel cells, which provide an alternative source of power for electric vehicles in addition to batteries. Toyoda announced earlier this month that it was developing new combustion engines.

In April, Toyoda stepped down as CEO, and Chief Branding Officer Koji Sato took his place.