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Toyota CEO doubles down on EV strategy amid criticism it's not moving fast enough - CNBC

Toyota CEO doubles down on EV strategy amid criticism it's not moving fast enough - CNBC

Toyota CEO doubles down on EV strategy amid criticism it's not moving fast enough - CNBC
Sep 29, 2022 45 secs

Toyota CEO Akio Toyoda, who has built a corporate strategy around the idea that EVs aren't the only solution for automakers to reach carbon neutrality, said Thursday the company will move forward with plans to offer an array of so-called electrified vehicles for the foreseeable future – ranging from hybrids and plug-ins to all-electric and hydrogen electric vehicles.

Toyoda addressed the need to convince skeptics of the company's strategy, including government officials focusing regulations on all-electric battery vehicles, saying the automaker will "present the hard facts" about consumer adoption and the entire environmental impact of producing EVs compared with hybrid electrified vehicles.

The company says those sales have avoided 160 million tons of CO2 emissions, which is the equivalent to the impact of 5.5 million all-electric battery vehicles.

Toyota plans to invest roughly $70 billion in electrified vehicles, including $35 billion in all-electric battery technologies over the nine years.


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