Here's why Toyota — the world's largest automaker — isn't all-in on electric vehicles.
, including its Cadillac and Buick brands by 2030. Several other automakers have made similar vows or set targets for 50% or more of their vehicles sold in North America to be all electric., which would be more than a third of its current sales. Those sales include about 1 million units from its luxury Lexus brand, which plans to exclusively offer EVs in Europe, North America and China by then.
"I think they're hedging their bets," he said. "From a global perspective, a lot of markets are moving at different paces. U.S. is slower than Europe and China in EV adoption but there are other markets where there's no infrastructure at all. To take a varied approach in powertrains makes sense for a global automaker."in approximately 200 countries and regions, more than any other global automaker, including those by affiliates Daihatsu Motors and Hino Motors.
Toyota executives expect different areas of the world to adopt electric vehicles at varying rates, largely based on available energy, infrastructure and raw materials needed for the batteries to power the vehicles.including a second generation of its Mirai. "BEV, fuel cell, plug-in hybrids, all those reduction tools are going to happen, and they're all important," Hollis said.
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