The CEO of Toyota isn’t mincing words, saying that he believes EVs will only make up 30% of the US new-vehicle market in 2030, half of the target the EPA sought last year. As the car industry’s largest hybrid pusher, Toyota says it is better positioned to just buy credits to close the EPA gap rather than “waste” money on BEVs, its CEO said.
In an interview with Automotive News, Toyota CEO Ted Ogawa said that the Japanese automaker plans to go with customer demand – and in his view, that’s varying degrees of “electrification,” usually in the form of hybrids with gas-burning engines.
Currently, the company is building a $13.9 million battery complex in North Carolina to be used in its EVs and hybrids sold in North America. Since 2021, Toyota has invested about $17 billion into its US manufacturing operations to build mostly hybrids.
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