Toyota CEO Reserves Doubts Over Going Solely EV As Industry Remains Largely Tightlipped - Toyota Motor (NYSE:TM)

During a Thailand visit, Toyota Motor Corp TM President Akio Toyoda said he is among the auto industry's silent majority questioning the exclusive pursuit of electric vehicles.
Toyoda's concerns reflected a growing uneasiness about how quickly car companies can transition, the Wall Street Journal reports.
Challenges mounted, particularly in securing parts and raw materials for batteries and the speed of transition to EVs, as prices have soared this year.
While significant rivals, including General Motors Co GM and Honda Motor Co HMC, shared the dates for their exclusive EV lineups, Toyota chose to invest in a diverse lineup of vehicles that includes hydrogen-powered cars and hybrids.
Toyoda saw hybrids as a crucial alternative against costlier EVs with inadequate charging infrastructure.
Toyoda also talked about developing zero-emission vehicles powered by hydrogen. Pending clarity, Toyoda found it imprudent to stick to just one option.
Toyoda tried to convey this point to industry stakeholders, including government officials.
Toyoda said the automaker took every type of vehicle seriously, including EVs. In late 2021, it revealed plans to spend up to $35 billion on its EV lineup through 2030.
He also highlighted that alternatives to EVs, like hydrogen-powered vehicles, were beginning to get a warmer reception from government officials, members of the media, and others involved in the auto industry.
Auto executives say EV uptake could be uneven for some time and that gas-powered model, hybrids, and plug-in hybrids will endure for many years.
Global car companies have shifted to electric vehicles within the last few years, driven partly by the success of EV-only maker Tesla Inc TSLA.
Price Action: TM shares closed lower by 0.87% at $140.43 on Friday.

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