Photo: Toyota
Even though the EU currently holds the strongest commitment to the ICE Ban, the entire world is reluctantly on the same path. For many automakers, the quick transition to EVs could be damaging, with many stating that a dramatic shift to BEVs could result in pollution if the energy is sourced from fossil fuels. Toyota has been on the spot for what critics term “stagnation tactics” switching to EVs, and on Monday experienced a 2% share drop after criticism from European green activist investors.
Last week, more than 10,000 Toyota drivers signed a petition with more than 110,000 signatures urging the Japanese giant automaker to conform to global electrification efforts and refrain from lobbying to stagnate EV mandates and clean air laws.
Even though Toyota is a pioneer when it comes to emission reduction with its 20-year-old Toyota Prius Hybrid system, it’s not a firm believer in going “all-in” on electric vehicles. It previously threatened to pull out of UK manufacturing if its hybrid technology is banned come 2035.
Its president, Akio Toyoda, 2021 received a backlash from investors after questioning Japan’s plan to ban conventional cars by 2035.
Toyota Motor Corporation’s shares on Monday opened down more than 2% after media reports cited criticism from European Pension funds over its opposition to a complete transition to electric vehicles, Reuters reported.
The investors, who hold a combined $300 million shares in Toyota, plan to question the manufacturer during its annual shareholders meeting on Wednesday. The AkademikerPension, an active shareholder in Toyota, had initially prepared a proposal for an annual review of the automaker’s lobbying activities to the AGM but got rejected for missing a deadline.
Anders Schelde, CIO of Danish pension fund, through a press release, said, “In our view- and in the view of many other investors – the lobbying work undertaken by Toyota Motor has given the company a global laggard status on climate action within the auto sector.”
Even though Toyota announced a plan to invest $35 billion into the shift to electric by 2030, critics feel the automaker is not fully committed to developing sustainable powertrains, consequently affecting the progress towards the Paris Agreement.
Even though Toyota is a pioneer when it comes to emission reduction with its 20-year-old Toyota Prius Hybrid system, it’s not a firm believer in going “all-in” on electric vehicles. It previously threatened to pull out of UK manufacturing if its hybrid technology is banned come 2035.
Its president, Akio Toyoda, 2021 received a backlash from investors after questioning Japan’s plan to ban conventional cars by 2035.
Toyota Motor Corporation’s shares on Monday opened down more than 2% after media reports cited criticism from European Pension funds over its opposition to a complete transition to electric vehicles, Reuters reported.
The investors, who hold a combined $300 million shares in Toyota, plan to question the manufacturer during its annual shareholders meeting on Wednesday. The AkademikerPension, an active shareholder in Toyota, had initially prepared a proposal for an annual review of the automaker’s lobbying activities to the AGM but got rejected for missing a deadline.
Anders Schelde, CIO of Danish pension fund, through a press release, said, “In our view- and in the view of many other investors – the lobbying work undertaken by Toyota Motor has given the company a global laggard status on climate action within the auto sector.”
Even though Toyota announced a plan to invest $35 billion into the shift to electric by 2030, critics feel the automaker is not fully committed to developing sustainable powertrains, consequently affecting the progress towards the Paris Agreement.
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