Pratt believes that a more sustainable solution lies in embracing a combination of hybrid, hydrogen, and EV technologies, as opposed to an exclusive focus on EVs. According to Pratt, the scarcity of battery materials and renewable recharging resources will persist for many years, hindering the feasibility of an immediate EV-only solution.
While Toyota's stance has drawn criticism from various quarters, including Greenpeace and its own investors, the company remains steadfast in its dedication to hybrid technology. Competitors like Tesla and BYD have made significant strides in the realm of EVs, leading some to question Toyota's commitment. However, Toyota plans to introduce ten new all-electric models by 2026 and aims to sell 1.5 million BEVs annually by that time.
Despite the recent commitment by G7 environment and energy ministers to reduce vehicle emissions by 2035, no concrete interim goals or deadlines for the cessation of internal combustion engine (ICE) vehicle sales have been set. This lack of specific deadlines could raise concerns for Toyota, which prefers a clearer framework to navigate the transition.
“Eventually, resource limitations will end, but for many years we will not have enough battery material and renewable recharging resources for a BEV-only solution,” Pratt said, reports Bloomberg.
Toyota's perspective underscores the challenges that lie ahead in terms of scaling up battery material mines, renewable power generation facilities, transmission lines, and seasonal energy storage facilities. Pratt acknowledges that these endeavors will take decades to accomplish fully.
Source: Bloomberg
