Toyota Chairman Doubts a Full EV Transition, Looks to Alternative Technologies

Jan. 29, 2024
Akio Toyoda believes EVs will account for only a third of the market, with the rest being claimed by fuel cell EVs, hybrids, and hydrogen vehicles.

Toyota Chairman Akio Toyoda recently expressed doubt that electric vehicles will be the sole replacement for internal combustion engine cars, Yahoo! Finance reports.

During a question-and-answer session with Toyota employees, Toyoda argued that a “multi-pathway approach” would be more effective than a sole focus on EVs.

“The enemy is CO2,” said Toyoda.

Toyoda believes that EVs will account for 30pc of the market–only a third–with the remaining 70pc being claimed by fuel cell EVs, hybrids, and hydrogen vehicles. He cited issues such as the cost of EVs and a lack of adequate global infrastructure as the biggest roadblocks to full EV transition.

Instead, Toyoda outlined plans the automaker has for alternative technologies, such as a new combustion engine the company is working on, which would help retain jobs for engine factory workers while still advancing clean energy solutions.