Toyota CEO doubles down on EV strategy amid criticism that it is not moving fast enough | Jobs Reply

A Toyota bZ4X is displayed at the New York Auto Show, April 13, 2022.

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las vegas – Toyota Motor After criticism from some investors and environmental groups that the company is transitioning to EVs too slowly, its electric vehicles, including hybrids like the Prius, are standing firm.

Toyota CEO Akio Toyoda, who has built a corporate strategy around the idea that EVs aren’t the only solution for automakers to reach carbon neutrality, said Thursday the company will move forward with plans to offer an array of so-called electrified vehicles in the near future — everything from hybrids and plug-ins. -Electric and hydrogen electric vehicles.

“Everything has to be decided by the customers,” he said through a translator during a small media roundtable a day after addressing the company’s Toyota dealers at their annual conference in Las Vegas.

Toyoda addressed the need to convince skeptics about the company’s strategy, which includes government officials focusing regulations on all-electric battery vehicles, saying the automaker will “present hard facts” about consumer acceptance and the full environmental impact of producing EVs compared to hybrid electrified vehicles. .

Since the Prius was launched in 1997, Toyota says it has sold more than 20 million electrified vehicles worldwide. The company said these sales avoided 160 million tons of CO2 emissions, equivalent to the impact of 5.5 million all-electric battery cars.

Toyota’s comments echoed those made to thousands of Toyota dealers and employees on Wednesday, saying the company would play “with all the cards in the deck” and offer a wide range of vehicles for all customers.

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“That’s our strategy and we’re sticking to it,” Toyoda, who describes himself as a “car guy or car nerd,” said in a recording of the remarks shown to reporters.

Toyota doubled down on the company’s expectation that all-electric vehicle adoption will “take longer to become mainstream” than many think. He said it would be “difficult” to meet recent rules that call for a ban on traditional vehicles with internal combustion engines by 2035, as California and New York have said they will adopt.

Toyota executives, while increasing investment in all-electric vehicles, have argued that such cars and trucks are a solution, not a solution, to tightening global emissions standards and achieving carbon neutrality. Toyota continues to invest in alternative solutions as well as hybrid vehicles such as the Prius, which combines EV technology with a traditional internal combustion engine.

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The company says its strategy is justified, as not all regions of the world will adopt EVs at the same pace due to the high cost of vehicles as well as lack of infrastructure.

Toyota’s strategy has been criticized by environmental groups such as the Sierra Club and Greenpeace, which have placed the Japanese automaker at the bottom of its auto-industry decarbonization rankings over the past two years.

Toyota plans to invest roughly $70 billion in electrified vehicles, including $35 billion in all-electric battery technology over nine years. It plans to offer around 70 electrified models globally by 2025.

Toyota plans to sell about 3.5 million all-electric vehicles annually by 2030, which would be about a third of its current annual sales.

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