Toyota Investors Want to Know Why it Has Been Slow on Embracing Battery EVs

Investors in leading vehicle manufacturer Toyota Motor Corp. (TYO: 7203) want to know why the company has been slow on embracing battery electric vehicles (BEVs). In its response, the Japanese car maker says it needs to offer a variety of choices to suit different environments and customers.

During its annual general meeting, the company’s executives addressed questions ranging from concerns about its electrification strategy to CEO succession plans and the ongoing global computer chip shortage which has been around for a while now.

The company’s Chief Technology Officer Masahiko Maeda said the goal is carbon neutrality after Danish pension fund AkademikerPension posed the question on BEVs which also asked Toyota to stay away from lobbying to undermine transition to BEVs.

However, customers need to choose in order to popularize electric cars that include hybrids. A variety of options should be available and the automaker should not narrow those down,” added Maeda.

According to Toyota, Hybrid cars make sense in markets where infrastructure isn’t readily available to support a fast move to battery electric vehicles. The company further adding that its exploring the viability of green fuels for internal combustion engines.

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