Is Toyota Late To EVs?

Update: On January 26 2023, Toyota announced that CEO and President Akio Toyoda would step down in April and assume the role of chairman of the board.

Environmentalists and electric vehicle advocates are accusing the world's largest automaker, Toyota, for dragging its feet, and even opposing electrification. But Toyota, which sells 10.5 million cars a year in 170 countries, argues that many of those markets aren’t ready for electric vehicles.

The company announced a $35 billion investment in EVs in December 2021 along with an investment of equal size in hybrids and hydrogen fuel cell vehicles. As of early 2023, the company sells only one electric vehicle, the bZ4X, which it has only sold in small quantities. It has, however, said it is planning to release 30 EV models by 2030, which would be a quarter of the total number of models it currently makes.

Will it be able to catch-up with the rest of the world, or is Toyota actually in the driver’s seat by going slow in EV adoption given how small the global market share is in total vehicle sales?

Chapters:
1:43 — Chapter 1
6:43 — Chapter 2
10:25 — Chapter 3

Produced by: Robert Ferris
Edited by: Dymond Green
Senior Managing Producer: Tala Hadavi
Graphics by: Jason Reginato
Additional sources: Toyota, International Energy Agency, California New Car Dealers Association

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Is Toyota late to EVs?