Toyota U-turns and doubles down on EV lineup
What now?
Story byIoanna Lykiardopoulou
Ioanna is a writer at TNW. She covers the full spectrum of the European tech ecosystem, with a particular interest in startups, sustainabili(show all)Ioanna is a writer at TNW. She covers the full spectrum of the European tech ecosystem, with a particular interest in startups, sustainability, green tech, AI, and EU policy. With a background in the humanities, she has a soft spot for social impact-enabling technologies.
Get the TNW newsletter
Get the most important tech news in your inbox each week.
Also tagged with
Related Articles
More TNW
About TNW
Why are the new numbers so impressive?
Compared to other automakers, Toyota’s new pledges aren’t really striking, as the company still remains a latecomer in the EV game.
But let’s remember the automaker’s previous commitments.
What kind of vehicles can we expect?
Toyota’s president, Akio Toyoda, promised the expansion of the company’ s electric bZ (beyond Zero) series, including SUVs of all sizes, pick-up trucks, and sports cars.
Still, the Japanese automaker isn’t giving up on its other green(ish) vehicles. It will invest $17.5 billion in the EV lineup, and an equal amount in the development of hybrid and hydrogen-powered cars as well.
Toyoda remarked:
This comment is in line with both Toyota’sprevious reservations about an EV-only approachand with its market projections and opportunities — but now the CEO uses it as a justification for greener commitments.
Regarding Europe, for instance, the company has indeed pledged to sell only zero-emission vehicles by 2035, aligning with theEuropean Union’sgreen deal measures.
But for the US, the automaker forecasts a higher demands for hybrids in the next decade.Toyota sees its hybrids making up slightly more than half of the vehicles it sells in the US, while EVs and hydrogen-powered cars are estimated to claim 15% of sales.
Toyota is going EV but… cautiously
Simply put, Toyota is keeping all its options open.The automaker’s push into EVs comes as rivals have made aggressive commitments to electrify their lineups, but at the same time the company is playing it safe before going all the way.
And let’s not forget that, in November,Toyota declined to sign theGlasgow Declaration on Zero Emission Cars and Vans, proposing to phase out fossil-fuel cars by 2040 — which frankly, isn’t good enough.
