Toyota CEO Warns That Internal Combustion Engine Bans Will Destroy Industry Business Model
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Toyota president Akio Toyoda has lamented the growing hype around electric vehicles and expressed concerns about politicians pushing too hard to ban ICE vehicles.
While speaking at a news conference for the Japan Automobile Manufacturers Association, of which he is chairman, Toyoda claimed Japan would run out of electricity in the summer if all vehicles were electric. He added that the infrastructure needed to support a complete transition to EVs would cost the country the equivalent of $135 billion to $358 billion, according to The Wall Street Journal.
Toyota president Akio Toyoda has lamented the growing hype around electric vehicles and expressed concerns about politicians pushing too hard to ban ICE vehicles.
While speaking at a news conference for the Japan Automobile Manufacturers Association, of which he is chairman, Toyoda claimed Japan would run out of electricity in the summer if all vehicles were electric. He added that the infrastructure needed to support a complete transition to EVs would cost the country the equivalent of $135 billion to $358 billion, according to The Wall Street Journal.
“When politicians are out there saying, ‘Let’s get rid of all cars using gasoline,’ do they understand this?” he asked. Toyoda added that if the automaker’s home country rushes forward with a ban of ICE vehicles, “the current business model of the car industry is going to collapse.”
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What a year it s been for electric vehicle investors. EV leader and first mover
Tesla (NASDAQ:TSLA) saw its stock soar during 2020. Unsurprisingly, 2020 then saw more young EV wannabes swept up in the positive momentum, with many upstarts rushing to go public in a flurry of IPOs and SPACs to raise money from an eager public.
Yet while some of these EV stocks could work out in the long run, many have gotten way ahead of themselves. Several now sport market caps in the tens of billions, despite very little revenue to show thus far.
Toyota says electric vehicles are overhyped There is too much hype surrounding electric vehicles (EVs), one of the worldâs top automakers, Japanâs Toyota, says, noting that the electricity needed to charge electric cars would strain grids and increase carbon emissions.
If all cars in Japan were electric, the country would be short of electricity in the summer, while the infrastructure for a 100-percent EV fleet would cost the equivalent of up to US$358 billion, The Wall Street Journal quoted Toyotaâs President Akio Toyoda as saying at a press conference in his role as chairman of the Japan Automobile Manufacturers Association.
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