Toyota Highlights EV Shift's Job and Infrastructure Issues

Toyota's Chairman Akio Toyoda has expressed concerns over the potential job losses that could result from a shift to an electric vehicle-only future, highlighting that 5.5 million people in Japan's automotive industry, particularly those involved in engine-related work, could be affected. Despite the Biden administration's push for a significant increase in electric vehicle sales in the U.S. by 2030, Toyoda argues for a 'multi-pathway' strategy that includes hybrids and hydrogen vehicles alongside EVs. Toyota's cautious approach has allowed it to capitalize on the current demand for hybrids, especially in the U.S., amid a slowdown in global EV sales. Toyoda has been consistent in his view that electric vehicles will only make up a portion of the market, with hybrids and other technologies also playing a key role in reducing emissions. This strategy aligns with Toyota's historical emphasis on diverse powertrain options, which has included successful hybrid models like the Prius. The transition to EVs is further complicated by infrastructure challenges, such as the slow rollout of charging stations in the U.S., despite significant federal investment.