Toyota classified as 'laggard', last in international carmaker ratings

Toyota once again emphasized its reservations about full electrification at the G7 summit. Akio Toyoda, former Toyota president and chairman of the Japan Automobile Manufacturers Association (JAMA), spoke at the summit, which received support from Suzuki, Isuzu, Yamaha, Honda and Mazda, among others.

In literature sent to U.S. dealers, Toyota mentioned three main issues hindering the popularity of electric vehicles in the United States. First, Toyota pointed out that to meet future battery demand, large amounts of lithium, cobalt, nickel and graphite minerals will be needed, and it is expected that at least more than 300 new mineral mining projects will be needed. According to Toyota, only 12% of public chargers currently support fast charging, which takes 20-60 minutes to charge to 80%. In addition, Toyota also mentioned the price of electric vehicles, saying that the average transaction price of non-electric vehicles is US$48,000, while the average transaction price of electric vehicles is US$58,000, and the cost of installing a home charger is an additional US$1,200. .

Regarding Toyota’s point of view, Martin Vicha, Tesla’s vice president of investor relations, responded. He points out that the renewable energy economy actually requires less mineral extraction because there is no reliance on fossil fuels. In addition, Vicha said EV owners have limited demand for fast charging because they typically get a full charge every morning. He also corrected Toyota on the cost of electric vehicles, saying Tesla's Model 3 EVs cost approximately $37,500 in the U.S. after credits.

According to the editor's understanding, Toyota's conservative stance has resulted in it being listed as a "laggard" in the International Council on Clean Transportation (ICCT)'s "2022 Global Automaker Ratings" list. The list ranks the world's top 20 automakers based on each country's efforts in electric vehicles, and Toyota ranks at the bottom of the ICCT's rankings, along with companies such as Honda, Nissan, Mazda and Suzuki.

Despite Toyota's reservations about electric vehicles, many automakers are actively pursuing electrification as global concerns about environmental sustainability increase. A variety of perspectives and technology options can help drive innovation and progress in the electric vehicle and hybrid industry. A variety of choices gives consumers more opportunities to meet their personal needs and environmental awareness.

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