Toyota CEO Akio Toyoda talks about why he isn't all-in on electric vehicles, his legacy — and what made him do a 'happy dance'
Despite criticism, Toyota CEO Akio Toyoda last week doubled down on his strategy to continue investing in a range of electrified vehicles instead of going all-in on all-electric cars and trucks.
Just how the 66-year-old racer, car enthusiast and company scion will be remembered regarding his approach to all-electric vehicles compared to gas-powered performance cars, like the Supra, or hybrids,Toyota, the world's largest automaker, plans to invest $70 billion in electrified vehicles over the next nine years. Half of that will be for all-electric battery ones.
"For me, playing to win also means doing things differently. Doing things that others may question, but that we believe will put us in the winner's circle the longest," he said Wednesday during Toyota's annual dealer meeting in Las Vegas, which, by the way, wasToyoda, 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.
Toyoda also believes there will be "tremendous shortages" of lithium and battery grade nickel in the next five to 10 years, leading to production and supply chain problems.Toyota's goal is carbon neutrality by 2050, and not just through all-electric vehicles. Some have questioned the environmental impact of EVs when factoring in raw material mining and overall vehicle production.
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