Given the state of the electric vehicle transition in the US, EV skeptic Toyota may be having the last laugh.
In 2021 and 2022, most large automakers were trying to transition as fast as they could to an electric vehicle future. Toyota (TM), one of the behemoths of the industry, dragged its feet with its transition and was roundly criticized.
Though EV sales are rising, sales growth has stalled due to concerns ranging from price to lack of charging infrastructure and range anxiety.
Jack Hollis, Toyota executive vice president and head of Toyota Motor Sales US, thinks the US will eventually make the EV switch, but that it will take longer than expected and require different technologies to get there. Hollis joined Yahoo Finance from the floor of the New York International Auto Show to give us his take.
“I think it’s important to understand we need everybody to participate if we’re going to really make a difference. If it’s just EVs, if you look at it, it’s only 8% [of the total US market]. How much is that reducing when a majority of the people buying the EVs right now are buying it as an extra vehicle in their [personal] fleet?” Hollis said. “There are a lot of pieces to this — that’s why we think taking a little longer time to get to that goal will allow all of us to participate.”
Hollis added that it took 10 years to go from virtually zero to 8% EV market share in the US and that to meet the original White House goal of 67% EV penetration by 2032 just isn’t feasible. “We just think 2032 is a little too short term, and we have to go a little bit longer so that the customer can come with us on that journey,” Hollis added.
