Toyota can’t seem to get out of its own way lately. The Japanese automaker ranked among the “world’s most obstructive companies on climate policy” of 2022, with oil giants like Exxon Mobile, Chevron, and leading Russian oil companies.
“Change is the law of life. And for those who look only to the past or present are certain to miss the future.” former US President John F. Kennedy once said.
The automobile industry and world are moving forward with or without Toyota. The world’s largest automaker denies the growing demand for zero-emission electric vehicles. Toyota, a first mover in hybrid vehicles, is one of the few automakers still claiming the market for electric cars is not there. Jack Hollis, Executive Vice President of Sales at Toyota Motor North America, was recently quoted saying:
I don’t think the market is ready. I don’t think the infrastructure is ready. And even if you were ready to purchase one, and if you could afford it … (the price is) still too high … It took 25 years to get to less than 10% (market share) for hybrid … The consumer isn’t demanding (EVs) at that level. The consumer is not screaming, ‘30% or 40% by tomorrow. Despite these comments, electric vehicles are rapidly gaining market share in all major auto markets. Buyers are more inclined than ever to purchase an EV, with over 50% of buyers looking for zero-emission options.
Most automakers are overwhelmed with demand for electric vehicles. Ford, BMW, GM, Volkswagen, Mercedes-Benz, and essentially any other vehicle maker you can think of are selling record amounts of EVs every quarter. Regarding price, there are several options on the market, starting under $30,000 (Chevy Bolt EV/EUV, Nissan Leaf), with more coming to the market in 2023.
