The chairman of Toyota, Akio Toyoda, has predicted that battery-powered electric vehicles will only capture 30% of the global market share.
This has raised concerns about whether consumers are willing to align with net-zero goals. Toyoda emphasized that traditional fuel-burning cars, hybrids, and hydrogen fuel cell vehicles will continue to play a significant role in the market.
He pointed out that shifting exclusively towards electric vehicles is not the solution, especially when a billion people around the world still lack access to electricity.
At a recent business event, he argued against limiting consumer choices and travel options by making expensive cars, stating that the decision should be driven by customers rather than regulations or politics.
Toyoda also emphasized that internal combustion engines would continue to exist. Toyota has long advocated for hydrogen power, investing in fuel cell technology for its vehicles.
The company has been cautious about lithium-ion battery technology and hoped that its hybrid petrol-electric technology would become an eco-standard.
According to EVvolumes.com, electric vehicles are expected to secure a 23.5% share of the global market by 2025.
