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Toyota CEO explains their future EV strategy while "playing to win"

October 04, 2022 By Jozeph P

(Image Credit Google)

The CEO of Toyota Motor, Akio Toyoda, outlined their long-term EV vision. Being the biggest automaker in the world, there are high expectations for the business, particularly given the global shift toward electrification. However, some investors and environmental organizations (EVs) have criticized the corporation for its stance on electric vehicles. In comparison to its rivals, its plans are more limited. The automaker's ambitions to invest $70 billion in EVs over the next nine years won't be enough to give it a global presence. According to CNBC, the CEO increased this week his strategy to continue investing in a variety of EVs as opposed to its rivals, including Volkswagen and General Motors. Toyota CEO is ‘Playing to Win,’ Explains Their Future EV Strategy

Toyota CEO is ‘Playing to Win,’ Explains Their Future EV Strategy

Toyoda said during the annual dealer gathering for Toyota in Las Vegas, "Playing to win for me also entails acting uniquely. The strategy that will keep us in the winner's circle the longest is to take actions that others might doubt but that we believe in." Also Read: Toyota’s CEO Says California’s 2035 Rules Are ‘Difficult’ to Meet Toyota CEO, Toyoda notes that its objectives for EVs are still to serve as many consumers as possible with various powertrains. By 2025, the powertrains will comprise all-electric battery models, hybrid and plug-in vehicles, and hydrogen fuel cell vehicles. The CEO stated that he doesn't think all-electric vehicle adoption would occur as rapidly as policy authorities and rivals anticipate. He listed several factors as the explanation, including a lack of infrastructure, high costs, and global variations in customer preferences. Toyota CEO is ‘Playing to Win,’ Explains Their Future EV Strategy

He highlighted that it will be challenging to comply with new legislation that requires the elimination of conventional internal combustion engine automobiles by 2035. He also stressed that EV adoption would take longer than expected. In addition, Toyoda predicts that there will be severe shortages of lithium and nickel suitable for batteries in the upcoming years, which will cause issues with supply chains and manufacturing. Following the success of the Toyota Prius, Toyota's objective is to achieve carbon neutrality by 2050 by using both plug-in hybrids and electric vehicles. The EV market is still developing, and most consumers have not yet realized the advantages of choosing an EV over a conventional internal combustion engine. The course of Toyota's ambitions is yet uncertain. But when compared to its rivals, the company's "win-win" strategy seems more practical.

By Jozeph P

Journalism explorer, tech Enthusiast. Love to read and write.

Toyota CEO explains their future EV strategy while "playing to win"

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