Toyota bets only 30% market share for electric vehicles

Toyota Motor Chairman Akio Toyoda said that electric vehicles (EVs) will only reach almost 30% market share. While the rest of the market will account for hybrids, hydrogen fuel cells, and fossil fuel cars.

This new comment from the world’s largest car maker came amid concerns about the EV market slowdown. Car manufacturers are falling back from their future EV expansion plans and started producing only based on current market demand.

Toyota Mirai

Akio said that his company makes different types of vehicles including EVs and hydrogen fuel cell engines, and exploring other renewable technologies. Furthermore, the Japanese automaker has plans around new combustion engines, as he mentioned “Engines will surely remain”.

Bloomberg data shows that electric vehicles account for around 75% of new car sales and 44% of passenger vehicles by 2040.

Last year, Akio predicted that Toyota would sell 1.5 million battery-powered vehicles per year by 2026 and this sales will climb to 3.5 million by 2030.