Toyota expects annual sales of EVs to reach 3.5 million vehicles by the end of the decade, or around a third of current sales.
Under scrutiny from investors over its commitment to adopt battery electric vehicles, Toyota Motor Corp on Wednesday said it needs to offer a variety of options to suit different environments and customer needs.
The world’s largest automaker by sales on Wednesday came under fire at its annual general meeting for not phasing out gasoline-powered cars and lobbying for climate policy on behalf of environmentally-conscious investors.
Once a favorite with environmentalists for hybrid Prius models, Toyota argues that hybrids still make sense in markets where the infrastructure isn’t ready to support the faster move to battery electric vehicles.
The company last year pledged 8 trillion yen ($60 billion) to electrify its cars by 2030, with half set to develop full EVs. Still, it expects annual sales of such cars to reach just 3.5 million vehicles by the end of this decade, or around a third of current sales.
Like other carmakers, Toyota is battling a severe shortage of semiconductor chips, which has forced it to cut production time and again.
On Wednesday, the head of Toyota’s purchasing group, Kazunari Kumakura, said at the meeting that he expected chip shortages to continue.
(Reporting by Satoshi Sugiyama; Editing by Richard Pullin)
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