Posted on 11/01/2022 9:25:13 PM PDT by SeekAndFind
It seems like that Toyota still doesn’t get it: people want electric cars, not hybrids. Despite all the evidence pointing to the inevitable rise of electric vehicles in the automotive industry, Toyota insists on sticking with hybrids, saying: “It’s our strategy and we’re sticking to it.” Well, Toyota, you may end up being left behind as nearly every other automaker, nation, and organization moves toward sustainable, all-electric vehicles.
Toyota is one of the few automakers that hasn’t yet realized what the future holds. Electrician called for the transition to electric cars to happen much faster than most predicted, and so far the pace of electric car adoption continues to accelerate.
Few industries are experiencing as rapid growth as electric vehicles. In 2021, sales of electric cars doubled to a record 6.6 millionaccording to the International Energy Agency, claiming almost 10% of the market!
By comparison, nine years ago, only 120,000 electric cars were sold worldwide. More than that are now being sold every week, and the pace is only expected to accelerate from here.
The latest data reveals that the electric vehicle market was valued at $287 billion in 2021 and is expected to reach $1.3 trillion by 2028, growing at a CAGR (compound annual growth rate) of 24.3%.
Governments in all major regions are implementing mandates and incentives for electric vehicles to help reduce carbon emissions and protect the environment. For example, the US aims for a 50% electric car market share by 2030, while Europe has proposed a total ban on fossil fuel cars by 2035. California — and now New York – does. Despite this, Toyota maintains its hybrid strategy going forward. Toyota Dealership Source: Toyota
Even with all this information, Toyota has been much slower to adapt, and for this reason ranks last in terms of its decarbonization effort.
A a recent study from Greenpeace found Toyota ranked last in the top ten automakers after failing to generate even 1% of sales in zero-emissions vehicles, not hybrids.
More importantly, the study found that Toyota had the least developed supply chains to support a sustainable future. A climate activist from Greenpeace Japan even stated:
The time of hybrids, I think, is over.
And in this they are right. Hybrids are only good as a bridge to fully electric cars. In my opinion, they are inefficient and not optimized for either gas or electricity. However, that being said, since then, Toyota has started mass-producing hybrids releasing the Prius in 1997.
U an interview Speaking to reporters Thursday, Toyota CEO Akio Toyoda reiterated the automaker’s strategy of keeping hybrids and fuel-cell vehicles in its lineup, likening the company to a department store.
The Japanese automaker’s leader also weighed in on new zero-emissions mandates and called for an end to sales of gas-powered cars, saying it would be “quite difficult” to achieve, saying:
Playing to win means playing all the cards in the deck, not just the selected ones. So that’s our strategy and we’re sticking to it.
Fair enough, but what happens if no one needs those other cards (machines)? Or, more importantly, if these cards are no longer available due to regulation?
Toyota claims, “We don’t want to leave anyone behind,” but they may end up being the ones left behind.
This is the same record repeated with Toyota. After growing to become the world’s largest automaker by offering hybrid technology, the company doesn’t want to conform. They wholeheartedly believe in their hybrid strategy.
Meanwhile, technology has come a long way in that time, and companies like it Tesla prove that the future belongs to all-electric vehicles.
Exclusively selling electric cars, Tesla claims it’s the Model Y on his way will bring in the most profit of any car this year and will likely be the best-selling car next year.
Almost every other automaker you can think of, both new and legacy, is planning an all-electric lineup. Will Toyota come? As the industry (and the world) continues to move toward a clean, sustainable future, Toyota may soon be rethinking its hybrid strategy.
Toyota’s got it right - not the first time either...
If I were to buy a car that uses electricity, it would be a hybrid.
I would not buy an electric car unless it could go 1500 miles on a charge. And that is a looooooong way off.
"Rare earth minerals" are called that for a reason.
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