As the world’s largest automaker by sales, Toyota has adopted a more cautious approach to electric vehicles compared to its competitors. This strategy has been beneficial, especially as global EV sales slow, allowing Toyota to capitalize on the demand for its growing hybrid lineup, particularly in the United States.

The company advocates for a "multi-pathway" strategy to achieve zero-carbon emissions, which encompasses electric vehicles, hybrids, hydrogen fuel-cell vehicles, and other powertrain technologies. Earlier in January, Toyoda projected that electric vehicles would account for a maximum of 30% of the global auto market, with hybrids, hydrogen fuel-cell, and fuel-burning vehicles comprising the remaining portion, although he did not provide a specific timeline for this forecast.

Toyoda made these remarks to reporters during the unveiling of a bust of his father, Shoichiro Toyoda, at Nagoya University in central Japan. The elder Toyoda, who passed away at the age of 97 last year, played a pivotal role in leading Toyota during the 1980s when the company transformed the global auto market, challenging Detroit's dominance. He also oversaw the introduction of the luxury Lexus brand and the Prius hybrid.