The accelerated transition to sustainable transportation can happen faster by replacing the powertrains of existing vehicles on roads with greener and more sustainable options, Toyota CEO Akio Toyoda proposed at a media event reports CBT News in an article on their website Friday, Jan 21.
CEO Toyoda highlighted the technology, market expertise, financial resources, and engineering required to continue to be a formidable contender in producing green vehicles, reported CBT.
As stated in the article, CEO Toyoda acknowledges that it would take an extended period for all automobiles to transform into zero-emission vehicles, taking into account their low share of total sales for Toyota. Toyoda advocates that the most optimal path to reach sustainability targets is to "reconfigure" existing vehicles into fuel-efficient models.
Toyota's hybrid technology has given Toyota a competitive advantage, the CBT points out. The Prius, for example, combines both gasoline and electric components to provide superior fuel efficiency. However, some consider the Prius as an example of Toyota's reluctance to completely embrace all-electric automobiles.
Despite the increasing hype surrounding Tesla and other battery electric vehicle companies, they still only account for approximately 20% of the auto market. Although the US and Japan are introducing programs to switch to renewable energy sources, Europe is still ahead in this area.
The article appears to support the position that hybrid vehicles may be a more suitable option in the short term. According to Matthias Schmidt of Schmidt Automotive Research, a shortage in EV components such as lithium could cause a substantial hike in EV prices and drive potential buyers towards hybrids.