AutosToyota's president questions electric cars' future, predicts only 30% market share

Toyota's president questions electric cars' future, predicts only 30% market share

Akio Toyoda
Akio Toyoda
Images source: © Press materials

11:54 AM EST, January 26, 2024

Akio Toyoda, the grandson of the founder of the Japanese brand, is one of the industry's most dynamic leaders. He is recognized not just for his impassioned engagement with the automotive industry, but also for his nonchalant attitude towards electromobility.

In late 2022, he sparked debate by questioning whether electric vehicles are the only option, reflecting the uncertainties of the silent majority. His recent comments made on a function hosted on Toyota's media platform further stoked the controversy, showcasing his scepticism towards electric cars.

"With a billion people in the world living without electricity, limiting their choices and ability to travel by making expensive cars isn’t the answer," he posited. Toyoda further insisted that consumers, rather than top-down regulations or politics, should dictate the choice of vehicle.

Toyoda predicts that electric vehicles powered by batteries will merely capture a maximum of 30% of the market share. The remainder will be a mix of hybrids, petrol cars, and hydrogen cars. "Engines are certainly here to stay," he stated.

Yet, it remains unclear if he was referring to cars currently in production or to future vehicle designs. It's noteworthy that notwithstanding Toyoda's skepticism, Toyota is not turning its back on electromobility. The Japanese firm has planned numerous electric premieres for the coming years. Additionally, Koji Sato, slated to assume a key role in Toyota from April 2023, appears more receptive to electromobility compared to Toyoda.

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