The former CEO of Toyota believes that electric cars can never become widespread and replace gasoline cars.
The production of electric cars to control carbon production and the legislation of different countries to protect the environment has increased in recent years, But the electric car sales market entered a relative stagnation in 2023.
Akio Toyoda, former CEO and current chairman of Toyota, argued that the market share of electric vehicles has reached an alarming level in 2023 and that consumers have finally understood the reality.
With sales of electric vehicles slowing down in late 2023, automakers are putting their optimism on hold. For example, General Motors and Honda canceled plans to collaborate on affordable electric vehicles this fall.
Even with the increase in supply volume, buyers are less likely to choose electric cars for various reasons, including the price of the car and the lack of charging stations.
Akio Toyoda said, “No matter how much electric vehicle [battery] advances, I think they will only take 30 percent of the market share in the future.” He said the rest of the share will belong to hybrid electric cars and cars with hydrogen fuel cells.
Toyota argues that not focusing too much on EVs and doing multiple jobs is the best way to reduce carbon emissions.
Toyota’s electric car market share has been declining and this carmaker has been very slow in accepting electric products, which has disappointed shareholders.
Now, sales of electric cars are struggling with stagnation. Despite impressive sales, the US EV market struggled to maintain growth in 2023.
It is expected that the adoption of electric cars in the Chinese market will decrease in 2024. Analysts in this field point to economic problems.
