Posted 3/1/2024, 2:02:00 PM
Toyota Doubles Down on Hybrids Over EVs, Despite Pressure to Electrify
- Toyota's CEO says they only expect EVs to make up 30% of US new car sales in 2030, far below EPA's over 50% target
- Toyota plans to rely on selling hybrids and buying regulatory credits rather than investing heavily in EVs
- The CEO claims investing in EVs that consumers don't want would be a "wasted investment"
- Toyota is worried about competition from lower-priced Chinese EVs entering the US market
- Advocacy groups have criticized Toyota for continuing to sell ICE and hybrid vehicles rather than transitioning fully to EVs