Giant Japanese automaker Toyota was under fire earlier in the week after European Pension Fund Investors accused it of applying “stagnation tactics” on its shift to fully electric vehicles. The result was a 2% share drop after media outlets caught wind. However, during its annual general meeting on Wednesday, the automaker hit back at its critics, saying it needed to offer different vehicle choices depending on the markets and consumers, Reuters reported.
For consumers, most car manufacturers might be on board with going electric, but what they might not know is behind the scenes, the same automakers are secretly lobbying against the switch.
Toyota might be a pioneer hybrid technology pioneer with the 20-year-old Prius, but that doesn’t necessarily mean they want a rapid shift to electric vehicles. If anything, its CEO, Akio Toyoda, was criticized by investors last year for questioning Japan’s plan to ban conventional cars by 2035.
During its AGM, Toyota emphasized that it would stick to its position developing both BEVs and hybrids that, for the past decade, made it a leader in cleaner vehicles. The automaker’s executives also tackled questions from investors on Toyoda’s succession and what plans they have to evade the current microchip crisis.
AkademikerPension, an active shareholder in Toyota, tabled some questions at the AGM after an earlier proposal on the automakers lobbying activities was rejected for missing a deadline.
Masahiko Maeda, Toyota's Chief Technology Officer responded saying “the goal is carbon neutrality.” He added that customers need to choose to popularize electrification that includes plug-in hybrids.
After the AGM, AkademikerPension said, Toyota used the pretext of 'customer choices' to avoid answering questions about its lobbying activities and policy towards climate action. They added that they expect more from Toyota since climate change threatens more than consumer choices.
Toyota is not looking to rapidly shift to electric vehicles. The automaker believes hybrids still have a place in the industry, especially in regions where the infrastructure is not ready to support a rapid shift to electrification.
Toyota was once a favorite with environmentalists and climate change crusaders, but lately, it is facing harsh criticism over its stand for a gradual shift towards EVs.
Toyota might be a pioneer hybrid technology pioneer with the 20-year-old Prius, but that doesn’t necessarily mean they want a rapid shift to electric vehicles. If anything, its CEO, Akio Toyoda, was criticized by investors last year for questioning Japan’s plan to ban conventional cars by 2035.
During its AGM, Toyota emphasized that it would stick to its position developing both BEVs and hybrids that, for the past decade, made it a leader in cleaner vehicles. The automaker’s executives also tackled questions from investors on Toyoda’s succession and what plans they have to evade the current microchip crisis.
AkademikerPension, an active shareholder in Toyota, tabled some questions at the AGM after an earlier proposal on the automakers lobbying activities was rejected for missing a deadline.
Masahiko Maeda, Toyota's Chief Technology Officer responded saying “the goal is carbon neutrality.” He added that customers need to choose to popularize electrification that includes plug-in hybrids.
After the AGM, AkademikerPension said, Toyota used the pretext of 'customer choices' to avoid answering questions about its lobbying activities and policy towards climate action. They added that they expect more from Toyota since climate change threatens more than consumer choices.
Toyota is not looking to rapidly shift to electric vehicles. The automaker believes hybrids still have a place in the industry, especially in regions where the infrastructure is not ready to support a rapid shift to electrification.
Toyota was once a favorite with environmentalists and climate change crusaders, but lately, it is facing harsh criticism over its stand for a gradual shift towards EVs.