Toyota has publically opposed the idea of the global automotive industry going fully electric, which has landed it in trouble several times.
Recently, Toyota witnessed an exodus of green activist investors, which caused its share value to plummet by 2 percent. This was after protests from environmentalists due to Toyota’s alleged lobbying efforts that go against climate regulation for the industry.
At its recent annual meeting, the automaker cemented its stance of sticking with fuel cell vehicle (FCV) and hybrid electric vehicle (HEV) technology. Toyota’s Chief Technology Officer (CTO) Masahiko Maeda stated that its objective is to achieve carbon neutrality, be that through battery electric vehicles (BEVs), FCVs, or HEVs.
He said that it would be unfair to the customers if we do not offer more options to the customers. HEVs still make more sense than BEVs due to the limited charging infrastructure across several big markets, he added.
Automotive News noted that Toyota has earmarked $60 billion for EV development and plans to launch 15 new electric cars by 2025, which shows its inclination to enter the EV arena.