Share
News

Toyota Chairman Who Was Hesitant to Embrace Electric Vehicles Says 'People Are Finally Seeing Reality'

Share

Automobile manufacturers are slowing down production of electric vehicles in response to waning American demand — just as one industry CEO had predicted they might.

Toyota Motor Chairman and former CEO Akio Toyoda “may be enjoying an ‘I told you so’ moment,” according to a report from The Wall Street Journal.

“People are finally seeing reality,” said Toyoda, who is also head of the Japan Automobile Manufactures Association and was speaking with reporters Wednesday as such at the Japan Mobility Show.

“There are many ways to climb the mountain that is achieving carbon neutrality,” said Toyoda, who spent almost 14 years as the CEO of Toyota before stepping out of that role earlier this year.

Toyoda has historically been a proponent of continued investment into hybrid and other vehicles beyond the false dichotomy of electric vehicles versus traditional gas-powered internal combustion engine vehicles.

“I have continued to say what I see as reality,” Toyoda told the assembled reporters at the Japan Mobility Show, which used to be known as the Tokyo Motor Show, the Journal reported. The show was being held for the first time in four years, according to the Journal.

Last October, Toyoda announced a $70 billion, 9-year investment in electric-powered cars, but said only half of that would go to fully electric vehicles.

“Toyoda, who described Toyota as a large department store, said the company’s goal ‘remains the same, pleasing the widest possible range of customers with the widest possible range of powertrains,'” CNBC reported at the time. “Those powertrains will include hybrids and plug-in hybrids like the Prius, hydrogen fuel cell vehicles like the Mirai and 15 all-electric battery models by 2025.”

“Toyoda reiterated that he does not believe all-electric vehicles will be adopted as quickly as policy regulators and competitors think, due to a variety of reasons,” the outlet reported. “He cited lack of infrastructure, pricing and how customers’ choices vary region to region as examples of possible roadblocks.”

Would you ever buy an electric vehicle?

The Journal noted that Toyoda’s thinking seems like wisdom in retrospect, given the current market.

The high costs of production, repair and battery replacement are only part of the problem for the nascent EV industry, the Journal said. Lack of some resources need in EV manufacturing, as well as what it called the “limited charging infrastructure,” were also working against the rapid adoption of electric vehicles.

“In the U.S., some dealers say the first wave of buyers willing to try an EV has passed and remaining buyers are deterred by high sticker prices and the limited range of many EV models,” the Journal reported.

Consumer interest in EVs just isn’t what big government regulators had hoped it would be, the outlet said.

“[I]f regulations are created based on ideals, it is regular users who are the ones who suffer,” Toyoda said.

Related:
Biden's Last-Minute Taxpayer Spending Spree Adds $7 Billion for EV Batteries

As recently as April, Reuters was reporting that Toyota’s new CEO, Koji Sato, was making a “long overdue” shift into all-electric vehicles.

“Some of the statements that came out of Toyota when Akio Toyoda was CEO sort of made it sound kind of like hybrids are going to be there forever,” the outlet quoted investment analyst Christopher Richter as saying. “No, it’s your standby, it’s your hedge. EVs have to be first.”

Given recent plunging demand for EVs, however, Toyoda might indeed be having a “I told you so” moment.


A Note from Our Founder:

 

Every morning, we at The Western Journal wake up and pursue our mission of giving you the important information you need about what’s happening in America.

We can’t do that without your help.

 

America has been on the receiving end of false narratives. The purpose of these false narratives is to make you feel powerless. The Western Journal empowers you by breaking these false narratives.

But I wouldn’t be honest with you today if I didn’t let you know that the future of The Western Journal is in jeopardy without your help.

 

Silicon Valley and the Big Tech tyrants have done everything they can to put The Western Journal out of business. Our faithful donors and subscribers have kept us going.

If you’ve never chosen to donate, let me be honest: We need your help today.

Please don’t wait one minute. Donate right now – our situation in America is dire. Our country hangs by a thread, and The Western Journal stands for truth in this difficult time.

 

Please stand with us by donating today.
Floyd G. Brown
Founder of The Western Journal

Truth and Accuracy

Submit a Correction →



We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
, , , , , ,
Share
George Upper is the former Editor-in-Chief of The Western Journal and was a weekly co-host of "WJ Live," powered by The Western Journal. He is currently a contributing editor in the areas of faith, politics and culture. A former U.S. Army special operator, teacher and consultant, he is a lifetime member of the NRA and an active volunteer leader in his church. Born in Foxborough, Massachusetts, he has lived most of his life in central North Carolina.
George Upper, is the former editor-in-chief of The Western Journal and is now a contributing editor in the areas of faith, politics and culture. He currently serves as the connections pastor at Awestruck Church in Greensboro, North Carolina. He is a former U.S. Army special operator, teacher, manager and consultant. Born in Massachusetts, he graduated from Foxborough High School before joining the Army and spending most of the next three years at Fort Bragg. He holds bachelor's and master's degrees in English as well as a Master's in Business Administration, all from the University of North Carolina at Greensboro. He and his wife life only a short drive from his three children, their spouses and his grandchildren. He is a lifetime member of the NRA and in his spare time he shoots, reads a lot of Lawrence Block and John D. MacDonald, and watches Bruce Campbell movies. He is a fan of individual freedom, Tommy Bahama, fine-point G-2 pens and the Oxford comma.
Birthplace
Foxborough, Massachusetts
Nationality
American
Honors/Awards
Beta Gamma Sigma
Education
B.A., English, UNCG; M.A., English, UNCG; MBA, UNCG
Location
North Carolina
Languages Spoken
English
Topics of Expertise
Faith, Business, Leadership and Management, Military, Politics




Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. Advertise Today.

Conversation