Toyota CEO and president Akio Toyoda believes that electric vehicles will make up at most 30% of the total market share.
Following a process of evolution towards electric vehicles (EV) in many markets, Akio Toyoda continues to oppose the transition towards this technology.
See more: Toyota: Adds manual transmission simulation to electric cars
Toyota is pushing back against electric vehicles, sticking to hybrid strategy and resisting the trend toward all-electric vehicles. Despite pressure to adapt, Akio Toyoda predicts that electric vehicles will make up only 30% of the car market, regardless of advances in battery electric vehicle (BEV) technology.
70% of the total will be made up of hybrid electric vehicles (HEVs), fuel cell vehicles (FCEVs) and hydrogen engines. Akio Toyoda added: “In addition, I firmly believe that internal combustion engines will remain important.”
Despite Akio Toyoda's comments, in several markets the percentage of Toyota's electric vehicles has already exceeded the 30% mark. For example, Norway has already reached 82.4% of the electric vehicle market share by 2023.
Read more: Toyota: Its future EVs will have a range of 600 miles
Other markets, such as Sweden with 32%, the Netherlands with 24% and China with 24%, are expected to exceed the threshold.
China is a prime example of how quickly the market for electric vehicles. In 2020, electric vehicles accounted for less than 6% of total sales in China.
Source: electrek.co
