Toyota Motor Company chairman Akio Toyoda has never been very fond of battery electric vehicles (BEVs), and his latest comments reinforce his skepticism. At a recent Toyota company event, Toyoda stated that BEVs and fuel cell vehicles (FCEVs) require a complete infrastructure ecosystem to function effectively. He pointed out that one billion people worldwide live in areas without access to electricity, and since Toyota serves these regions, a single BEV option cannot meet global transportation needs. Toyoda emphasized that Japan’s adoption of hybrid vehicles has already led to a 23% reduction in CO2 emissions. He expressed a stark prediction about the future of EVs, stating that BEVs will only account for 30% of the market, with the remaining 70% consisting of hybrid electric vehicles (HEVs), fuel cell vehicles (FCEVs), and internal combustion engine cars. He asserted that engine cars will continue to be relevant, noting that this market share will be determined by customer preferences and market dynamics, not by regulatory mandates or political pressure. These comments follow similar statements Toyoda made at the Japan Mobility Show in October 2023, where he observed that declining EV sales indicated that people were finally seeing the reality of the market. He suggested that there are multiple viable paths to achieving carbon neutrality. Despite being slow to adopt EVs, Toyota is still viewed as an eco-conscious brand, ranking second behind Tesla in perceived sustainability among consumers. Currently, Toyota offers a range of electrified vehicles, including 12 hybrid models, two plug-in hybrids, the bZ4X EV, and the Mirai hydrogen-powered vehicle.

Toyota's chairman shares a stark prediction for the future of EVs

Toyota Motor Company chairman Akio Toyoda has expressed skepticism toward battery electric vehicles (BEVs), stating that they require a complete infrastructure ecosystem to be viable. He highlighted that one billion people globally lack access to electricity and argued that a single BEV option cannot meet transportation needs in those regions. Toyoda predicted that BEVs will represent only 30% of the global vehicle market, with the remaining 70% consisting of hybrid electric vehicles (HEVs), fuel cell vehicles (FCEVs), and internal combustion engine cars. He emphasized that vehicle choice will be driven by customer preferences and market dynamics, not regulatory or political pressure. Toyota currently offers 12 hybrid models, two plug-in hybrids, the bZ4X EV, and the Mirai hydrogen-powered vehicle, and is ranked second behind Tesla in consumer perception of sustainability.