During a pivotal business gathering, Toyota’s Chairman Akio Toyoda, grandson of the company’s founder, shared insightful perspectives on the future of the automotive industry. Toyoda predicts that battery electric vehicles (BEVs) will hold a maximum of 30% market share. The rest, he anticipates, will be a mix of hybrid models, hydrogen fuel cell cars, and conventional fuel-powered vehicles.
Highlighting the significance of consumer choice, Toyoda underscored the importance of not limiting options in a world where a significant population still lives without electricity. He expressed concerns over restricting travel options through high-cost vehicles. Toyoda emphasized that vehicle type decisions should stem from consumer preferences, not just regulatory or political pressures.
In a recent publication by Toyota’s media outlet, Toyoda remarked, “Engines will surely remain,” though it was unclear if this referred to new sales or existing vehicles. This statement particularly lacked specifics regarding the U.S. market, where electric vehicle (EV) adoption has been slower than expected.
Toyota has adopted a cautious approach toward EVs, differentiating itself from industry peers. With a strong focus on hybrid technology, Toyota is navigating a balanced transition to electric mobility. This approach reflects the company’s pragmatic view of global energy infrastructure and customer needs, challenging the swift, exclusive turn towards electric propulsion witnessed elsewhere.
About a year prior, Toyoda, then serving as CEO, expressed the importance of green initiatives, including converting existing combustion engine cars to electric or hydrogen-powered versions. Weeks before, at the Tokyo Auto Salon, Toyota unveiled two AE86 Concepts, reimagining older vehicles with eco-friendly technologies – one with a hydrogen powertrain from the Mirai and the other an electric motor from a Tundra hybrid paired with a Prius plug-in hybrid battery.