Toyota To Focus More On Carbon Credits And Capture Than On EVs

From the article:

Ted Ogawa, the CEO of Toyota North America, delivered an interesting statement, in which he said the company would prefer to buy carbon credits than ramp up electric vehicle production, in order to meet market demand. 

Ogawa believes that EVs will make up only 30% of the US car market in 2030, in contrast to the above 50% suggested by the International Energy Agency (IEA). 

Namely, in a recent report, the IEA revealed that EVs were already enjoying a 20% share of all new car sales last year, which is a significant increase from their 14% share in 2022. 

EVs aren’t some mystery product that no one knows how to sell. People want to buy them, and traditional car companies like Ford are seeing success with their offerings. The longer Toyota waits until they, inevitably, join the EV race, the harder it will be to catch up to their competitors.

Ford U.S. sales jump 10.5% in February, beating Toyota for second straight month – Autoblog

Ford sales charged higher in February, making the Dearborn-based automaker the No. 1 seller in America for the second straight month. Ford also noted hybrid and EV sales gains.

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Read the full post at Carbon Herald.