Toyota’s Ex-CEO Predicts Electric Cars Won’t Dominate Markets, But Industry Experts Disagree

Akio Toyoda Toyota
In a bold prediction that contradicts the prevailing sentiment among industry experts, Toyota's former CEO, Akio Toyoda, has asserted that electric vehicles (EVs) will never command majority market share.

Toyoda, who is also a member of Toyota’s board of directors, foresees a global EV market share peaking at a mere 30%. His reasoning stems from the substantial portion of the world’s population lacking access to reliable electricity infrastructure, rendering EVs impractical for many regions. Additionally, he believes EVs are currently too expensive for a significant portion of consumers.

These views stand in stark contrast to the consensus among analysts and industry experts. BloombergNEF, a leading energy and financial data provider, projects that EVs will account for 75% of all new car sales by 2040.

Several factors are driving the anticipated rise of EVs in the coming years. Battery prices are plummeting rapidly, making EVs more affordable. Governments around the world are implementing regulations that will make it increasingly difficult to sell gasoline-powered vehicles. And consumers are growing more conscious of the environmental benefits of EVs.

Toyota Camry 2024 1

Toyota camry 2024


Toyota’s EV Acceleration Amidst Skepticism

Toyoda’s skepticism about EVs may stem from the fact that Toyota has been a relative laggard in adopting this technology compared to some of its competitors. 

However, the company has recently announced plans to accelerate its EV development, with a goal of selling 3.5 million EVs annually by 2030.

Whether or not Toyoda’s prediction proves correct, the future of the automotive industry is undoubtedly shifting towards electrification. The combination of technological advancements, environmental concerns, and government regulations is creating an unstoppable momentum for EVs.

Source: Bloomberg 

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