To hasten the global transition to sustainable transportation, Toyota CEO Akio Toyoda suggested replacing the powertrains of its vehicles already on the road at a recent event.
His message was that, contrary to what some critics have claimed, Toyota is not lagging in the space of electric vehicles. He further highlighted the technology, market expertise, financial resources, and engineering required to continue to be a formidable contender in producing green vehicles.
Toyoda told reporters that because zero-emission vehicles account for such a small percentage of sales, it would take a while for all automobiles to achieve this status. The best choice, in his opinion, was to “convert” vintage cars to run on green fuel.
Because of growing concerns about climate change, the auto industry is changing. Yet, automakers are frequently held responsible.
Toyoda noted that while environmental initiatives in the auto industry were beginning to be recognized in many countries, he felt underappreciated in Japan.
With its hybrid technology, Toyota has dominated the market. The Prius, for example, features a gasoline engine and an electric motor that alternate to provide the most efficient ride. That is frequently interpreted as an indication of its resistance to going all-electric.
Despite the fuss around relative newcomers like Tesla, battery electric vehicles account for about 20% of the auto market. Yet, when transitioning to electricity, Europe continues to lead the U.S. and Japan.
On the other hand, Matthias Schmidt, chief auto analyst at Schmidt Automotive Research, claimed there are a few reasons why the price of EVs might increase due to the shortage of particular components like lithium. Instead, buyers might continue buying hybrids.
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