Lack of infrastructure prevents company from fully investing in electric vehicles: Toyota CEO

With the continuous development of electric vehicles, many traditional car companies have begun to actively transform electrification and launched their own electric models. However, some car companies are cautious about the electric vehicle industry, including Japan’s Toyota Motor Group.

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According to CNBC today, Toyota CEO Akio Toyoda said in a media interview yesterday that while Toyota will launch more electric vehicles in the next few years, the company will also offer a range of other options, including gasoline-electric hybrids, hydrogen, and traditional fossil fuel-powered vehicles.

Toyoda said that the lack of adequate infrastructure will affect the acceptance of electric vehicles, which is a big factor in the company’s decision not to go all-in on electric vehicles. It is reported that many environmental groups have criticized Toyota’s strategy.

They believe that Toyota has not fully developed environmentally friendly vehicles such as pure electric vehicles. At present, Toyota plans to invest 70 billion US dollars in electric vehicles in the next 9 years, of which 35 billion US dollars will be used for pure electric vehicles. Meanwhile, Toyota plans to offer about 70 types of electric vehicles globally by 2025 and sell about 3.5 million pure electric vehicles by 2030, accounting for about one-third of annual sales.

Jack Hollis, executive vice president of Toyota Motor North America sales, said that consumers may not switch from traditional fuel vehicles to pure electric vehicles as fast as some car companies expected. For many consumers, hybrids may be the better solution in the near term.