Toyota’s chairman, Akio Toyoda, reiterates his skepticism towards electric vehicles, forecasting a peak of just 30% market share for EVs. Amid global economic uncertainty, Toyoda emphasizes the importance of customer choice in shaping the industry’s future.

In a recent business event, Akio Toyoda, Toyota Motor’s chairman, reaffirmed his skepticism towards electric vehicles (EVs), predicting that only 30% of cars on the road will be powered by a battery. Toyoda stressed the significance of a “multi-pathway approach” and emphasized the role of customer preference in steering the industry’s direction. Despite criticism from shareholders over Toyota’s slow transition to EVs, the company’s focus on hybrids has proven successful, with sales increasing by 30% in 2023.

The slower pace of EV adoption globally aligns with Toyoda’s predictions, as economic uncertainties impact the market. Even in China, a key market for EVs, slower adoption is expected in 2024. As the industry navigates these challenges, it becomes evident that customer choice and market dynamics will continue to shape the future of electric vehicles.

Source: Yahoo Finance