Akio Toyoda, chairman of Toyota Motor Corporation, recently predicted that the market share of pure electric vehicles is unlikely to exceed 30%. He believes consumers should have free choice when it comes to choosing alternatives to internal combustion engine vehicles. Toyoda Akio believes that multi-path transformation is necessary, including hydrogen fuel cell vehicles, hybrid vehicles and internal combustion engine vehicles, to meet the diverse needs of different consumers.
It is noted that although many automakers have set ambitious electric vehicle sales targets, Toyoda remains skeptical about a rapid shift to electric vehicles. He believes that this transition will take longer than expected because consumers still have concerns about price, range anxiety and the overall experience that electric vehicles provide.
Despite his reservations about EV dominance, Toyoda acknowledged the importance of incorporating electrification into Toyota’s strategy. The company has pledged to sell 1.5 million fully electric vehicles per year by 2026 and 3.5 million by 2030. However, Toyota has also emphasized its commitment to hybrid powertrains and continues to invest in the development of new internal combustion engines, arguing that engines will continue to play an important role in the automotive industry.
Even as some industry forecasts for EV market share to grow significantly in the coming years, Toyota remains adamant that a diverse range of powertrains is crucial. By offering a range of options including hybrid and hydrogen fuel cell vehicles, Toyota aims to meet the needs of diverse customers around the world.
