Toyota Follows Consumer Choice in Move to Electric Vehicles

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Researched by Industrial Info Resources (Sugar Land, Texas)--As the world's automakers have begun to phase out gasoline-powered vehicles in favor of electric vehicles, Toyota Motor Corporation (NYSE:TM) (Toyota City, Aichi, Japan) has been more measured in its approach.

As reported by Reuters, Toyota executives at their recent annual meeting indicated that they will continue to work with clean energy technologies such as fuel cells and hybrid vehicles, in order to offer choices to consumers who ultimately will determine how fast and to what depth electrification will occur.

Since the goal is carbon neutrality, each of these efforts will contribute to that cause, and they may be the only viable options in markets where the infrastructure is not yet able to support fully electric vehicles.

However, the company remains committed to the future of electric vehicles. In 2021, the company committed to spend about $60 billion by 2030 to electrify its products, with half of that being earmarked to fully electric vehicles. Industrial Info is tracking nine active Toyota projects, valued at nearly $3 billion, for new facilities and expansions in the U.S. to support electric and hybrid vehicle production. This investment will be shaped in the future on what the consumers decide to purchase going forward.

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Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).