🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Toyota exec: Not everyone should drive a battery electric vehicle

Published 10/21/2021, 02:37 PM
Updated 10/21/2021, 02:50 PM
© Reuters. Gill Pratt, CEO of the Toyota Research Institute (TRI), speaks by a research vehicle equipped with Toyota Guardian, a accident avoidance system that assists drivers, during a Toyota news conference at the 2019 CES in Las Vegas, Nevada, U.S. January 7, 201
TM
-

By Paul Lienert

(Reuters) -Many people are passionate about climate change, but not everybody should drive a battery electric vehicle as a means to combat climate change, Toyota Motor (NYSE:TM) Corp Chief Scientist Gill Pratt said on Thursday at the Reuters Events Automotive Summit.

Pratt's comments, during a discussion on electric vehicles, appeared to amplify remarks made over the past year by Toyota President Akio Toyoda.

Toyoda and other company officials have said that electric vehicles will play a greater role in reducing emissions, but other solutions should be used, Toyota's gasoline-electric hybrid models or hydrogen-powered fuel cell electric vehicles. [nL4N2MX23C]

At Thursday's conference, Pratt said Toyota believes in "diversity of drivetrains" to give customers different tools to reduce CO2.

"It's not for us to predict which solution is the best or say only this will work," he said.

Government incentives should be aimed at reducing carbon emissions, not picking which car technology is the best way to achieve those goals, Pratt added, in a reference to proposed bans on internal combustion engine (ICE (NYSE:ICE)) vehicles, including hybrids, as a means of achieving carbon neutrality.

Toyota was among major automakers that supported the Trump administration in its attempt to bar California from setting its own zero-emission requirements, but the company dropped that support earlier this year.

© Reuters. Gill Pratt, CEO of the Toyota Research Institute (TRI), speaks by a research vehicle equipped with Toyota Guardian, a accident avoidance system that assists drivers, during a Toyota news conference at the 2019 CES in Las Vegas, Nevada, U.S. January 7, 2019. REUTERS/Steve Marcus/Files

Toyota has said it plans to invest $13.5 billion through 2030 on EV batteries, but so far its plans to roll out new battery electric vehicles (BEVs) seem relatively modest compared with those of U.S. automakers General Motors Co (NYSE:GM) and Ford Motor (NYSE:F) Co, which are spending around $30 billion each through 2025 to electrify more of their vehicle lines.

Toyota executives continue to tout the merits of the company's hybrid vehicles, which have been on the market for more than 20 years.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.