Toyota Chairman Akio Toyoda Asserts slow EV sales vindicate his approach

Toyota Chairman Akio Toyoda has commented on the slowdown in electric vehicle (EV) sales growth, stating that it vindicates his resistance to EVs.

He argued that the reduction in sales growth is proof that “if regulations are created based on ideals, it is regular users who are the ones who suffer.” Toyoda pointed to slowing sales in the U.S. as evidence of the company’s cautious approach.

Toyoda has been known for his reluctance to embrace EVs, and he stepped down from his role as CEO of Toyota earlier this year amid concerns about the company’s slow adoption of electric vehicles. While he remains the company’s chairman, his successor as CEO, Koji Sato, has made the development of affordable EVs a priority.

Sato highlighted that Toyota has been working closely with battery makers and thinking carefully about what’s possible in the electric era. He believes that the Japanese automotive industry’s strength in the EV era will come from its decades of experience and “experiences of failure.”

Toyota showed a pair of upcoming all-electric concepts at the Japan Mobility Show, reflecting the company’s gradual shift toward electric mobility. Despite its cautious approach in the past, Toyota is now looking to expand its electric vehicle lineup.

Toyota’s emphasis on hybrid vehicles has also played a significant role in bridging the gap to full electrification. The company views hybrid technology as an environmentally friendly and efficient transition towards electric mobility.

Demand for hybrid vehicles remains strong, and Toyota is striving to meet this demand. It’s important to take into consideration whether the increase in hybrid sales reflects the limits of consumer interest in all-electric vehicles or if it is influenced by factors such as high electric vehicle prices. The future direction of Toyota’s electric vehicle strategy is evolving as the industry landscape shifts.