Toyota chairman warns EV-only future could lead to job losses

11 Oct 2024 CW Team

The chairman of Toyota Motor, Akio Toyoda, expressed concerns about the shift to an electric vehicle-only future, indicating it could result in job losses for individuals involved in engine-related technologies, particularly among the numerous suppliers in the sector. He noted that approximately 5.5 million people work in the automotive industry in Japan, with many having dedicated years to engine-related roles. Toyoda stated that if electric vehicles became the sole option, including for suppliers, those individuals would lose their jobs. He also mentioned his personal preference for gasoline vehicles.

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.

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..