Chairman Akio Toyoda: slowing growth in the United States justifies his boycott of electric cars

CTOnews.com, Oct. 27 (Xinhua) according to the Wall Street Journal, Toyota Chairman Akio Toyoda said automakers should continue to invest in hybrid vehicles rather than fully invest in electric vehicles. He says the car industry is realising that electric cars are not the only way to reduce carbon emissions and that "there are many ways to achieve carbon peaks".

Mr Toyoda said the slowdown in the US justified his resistance to electric cars and that "people finally saw" the reality of the technology.

Although the growth of electric vehicle sales has slowed, the market is still growing. CTOnews.com notes that global electric vehicle sales growth of 63 per cent in 2022 will slow to 49 per cent in 2023.

Although other carmakers have invested billions in electric vehicles, Toyota is still betting on hybrids and plug-in hybrids, while selling only one electric car, the bZ4X.

Mr Toyoda had previously resigned as chief executive of Toyota, which was ranked as the third-largest company hindering the government's efforts to curb climate change, after ExxonMobil and Chevron.