Going All Electric Is Not The Best Choice For The Environment: Toyota

Author: Nabaparna Bhattacharya | May 19, 2023 08:56am

Toyota Motor Corporation's (NYSE:TM) gasoline-electric hybrids, like Toyota Prius, are a more "realistic choice" to reduce climate change hazards for some markets and drivers.
The company warned that focusing just on Battery electric vehicles, or BEVs, as a cleaner car alternative could lead some drivers to hold onto polluting vehicles, Reuters reported, citing a statement from Toyota Motor's top scientist.
The automaker said there are not enough resources for BEVs to be the only cleaner car option globally.
The news came after Toyota Motor launched a prototype mini-commercial electric van in partnership with Suzuki Motor Co.(OTC:SZKMF) and Daihatsu Motor Co., Ltd. on May 18.
Gill Pratt, chief executive of the Toyota Research Institute, said that battery materials and renewable charging infrastructure would "eventually be plentiful" to address environmental concerns.
In fact, BEVs will be a crucial solution to environmental issues for countries rich in renewable infrastructure like Norway. But in countries where coal is used to produce power, hybrids were better for CO2 emissions, the report added.
The statements were made a day before a Group of Seven leaders summit in the Japanese city, Reuters said.
Price Action: TM stock is down 3.4% at $142.02 premarket on the last check Friday.