Toyota Prioritizes Consumer Demand in EV Strategy, Plans Credit Purchases Over BEV Investments

Toyota North America's CEO projects electric vehicles will make up only 30% of the U.S. market by 2030, focusing on customer preferences and regulatory compliance.

• Toyota North America CEO Ted Ogawa emphasizes customer demand over regulatory targets for EV adoption, projecting only 30% of the U.S. market will be BEVs by 2030.
• Toyota plans to buy credits rather than make 'wasted investments' in BEVs, aligning its strategy with consumer preferences and regulatory requirements.
• The company faces criticism for its slow transition to electric vehicles, with EVs accounting for less than 1% of its total sales last year.
• Concerns about competition from Chinese automakers entering the U.S. market through Mexico are highlighted, with Toyota focusing on maintaining product competitiveness.
• Toyota continues to invest in its U.S. manufacturing operations, including a $13.9 million battery complex in North Carolina, to support its hybrid and EV production.

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