Waste of Money? - Toyota Prefers Paying Fines over Investing in E-Cars
03/14/2024
More than half of all new cars should be electric by 2030, according to the US Environmental Protection Agency (EPA). But the auto giant Toyota doesn't want to follow suit, believing that a maximum of 30 percent of new registrations will be electric cars.
In a conversation with the magazine Automotive News ,
Toyota's US boss, Tetsuo Ogawa, explains how the company wants to position itself in the electric car sector in the US. The focus, he suggests, should primarily be on customer demand, not on regulatory requirements.
For the EPA to reach its goal of over 50 percent electric cars, the government is planning penalties for high CO2 emissions. Ogawa, however, considers the prescribed target unrealistic and therefore might produce fewer electric cars than required. Instead of over 50 percent, the automaker might only reach 30 percent. From 2030 on, this could be associated with high penalties. In the interview,
Ogawa explains that the company would rather accept the fines than "waste" money on investments in electric cars. The focus would always be on customer demand. If interest in electric mobility increases, production of electric cars at Toyota in the US could also increase accordingly.
At the same time, the automaker from Nippon announced the return of its Land Cruiser series to the US market. However, the new 2024 model is smaller and narrower than its predecessor. In addition, two new electric cars are to expand the range in the future. Toyota's Chief Branding Officer Simon Humphries recently emphasized the company's efforts to explore new mobility approaches. These include hydrogen cars and new filter concepts that can absorb CO2 from the air while driving.
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