Toyota cracks amid electric vehicle movement, CEO replaced by Lexus chief
Toyota CEO Akio Toyoda, who has been leading the company since the global financial crisis, is stepping down amid mounting pressure as the industry moves to electric vehicles.
Toyoda, the 66-year-old grandson of the company’s founder has been one of the most outspoken critics of going all in on electric vehicles despite the rest of the industry moving forward.
Instead, he has continuously stood by his hybrid approach, which includes hybrid, fuel-cell, and even gas vehicles. Toyota’s most highly anticipated release last year was its 5th generation Prius, which, despite the additional all-electric range, is “becoming the best CD player in a world moving to iPhones.”
As a result of its efforts (or lack thereof) in fully electric, zero-emission technology, Toyota ranked among the world’s most obstructive companies in 2022, with oil giants like ExxonMobil.
Toyota’s first electric vehicle, the bZ4X, resumed sales in October after concerning safety recalls derailed its rollout. While many automakers are already achieving double-digit EV sales, Toyota generated less than 1% of total US sales from zero-emission vehicles, selling a mere 1,220 units last year.
Toyota has one of the least developed supply chains for reducing carbon emissions, even going as far as lobbying against anti-climate policies. For this reason, the automaker has become the target of climate activists across the globe. Even other automakers are taking jabs at Toyota, such as Polestar’s head of sustainability, when questioned about Toyota’s hybrid strategy, said:
It’s not possible. We cannot continue using fossil fuels.
As the pressure builds for an all-electric future, Toyota may be heading in a new direction as Toyoda steps down, handing the reigns to a new CEO tasked with bringing the company into the modern era.
Toyota CEO steps down as electric vehicles become focus
Toyota will pass the baton to 53-year-old Lexus chief branding officer Koji Sato. The longtime CEO told reporters:
To advance change at Toyota, I have reached the decision that it is best for me to support a new president while I become chairman.
The change Toyoda is looking to advance is in regards to electric vehicles and navigating the industry moving forward. In a newscast, Toyoda announced one of the reasons he appointed Sato was due to his ability to “promote change in an era in which the future is unpredictable.”
The company’s new CEO, that takes over in April, addressed the transition, saying:
We would like to demonstrate this commitment [to make cars better] through concrete actions and products, such as accelerating the shift to electrification and engaging in car-making that responds to diverse values and local needs.
Toyoda will remain with the company as chairman of the board of directors after Takeshi Ichiyamada resigned from his position.
Electrek’s Take
Can Toyota’s new CEO drag it out of the past and into the modern era? That’s what direction it seems the company is trying to take here.
Following Honda’s announcement earlier this week that it’s overhauling its business strategy to focus on electric vehicles and become “a company society wants to exist in the electrified era,” another Japanese automaker is seemingly changing its stance.
After seeing the continued success of EV makers like Tesla and BYD, reports have suggested Toyota is considering building an EV platform from scratch. For its current electric vehicle, the bZ4x, the company uses a modified gas car platform called the e-TNGA.
A new dedicated EV platform would help the company streamline production and better compete in the new EV era. We’ll see in which direction the new CEO takes it, but from his comments, he seems more open to the idea of an electric future.
He will have to act fast if he wants the company to compete in the new era of electric vehicles, with most automakers already lightyears ahead in terms of EV production. With zero EVs under his belt, Sato may have a difficult road ahead.
FTC: We use income earning auto affiliate links. More.
A dozen Tesla vehicles burned at a store in Toulouse, France. Arson is suspected amid global protests and vandalism attacks against Tesla and Elon Musk.
Last night, a dozen Tesla vehicles burned down at Tesla’s retail and service location in Plaisance-du-Touch near Toulouse, France.
Firefighters arrived on the scene at around 4 a.m. and contained the fire to the vehicles. Eight of them were completely destroyed, and four were greatly damaged. The damages are estimated at over 700,000 euros.
According to the local news (translated from French), the police suspected arson as a hole was found in a fence, and threats had been made over the last few weeks. The Tesla location remained closed all day.
Tesla is currently being protested by anti-fascist groups around the world, especially in the US, where many are targeting Tesla to protest against Elon Musk’s involvement in the US government.
In France, there were a few protests planned, but some extremist groups are calling for widespread arson against Tesla stores:
I won’t share the link to the article since it gives step-by-step instructions on how to burn down Tesla stores without getting caught, but the manifesto explains that they are going after Tesla as a “symbol of capitalism,” although they also list a dozen other reasons including the fact that they think it’s “doable and cheap.”
Electrek’s Take
This is getting nuts. It’s not only dangerous, but it’s also not super effective in achieving the goal they claim to want to achieve.
Have they never heard of insurance? Tesla is having issues selling cars right now. You are burning unsold inventory that they can then claim to their insurance.
Sure, it disrupts their operations for a short period of time, but it’s not worth it.
Their manifesto does say to avoid violence and not to target vehicles owned by individuals – though it doesn’t sound like a strict rule for them, but I think these people are likely going to end up in jail for having achieved nothing.
The protests and boycotts are going strong. You don’t need to burn cars to make yourself heard.
FTC: We use income earning auto affiliate links. More.
Environment
Ford F-150 Lightning sales have been falling for months: What’s going on with the EV pickup?
Is Ford’s electric pickup in trouble? Sales have been down for months, and February showed no relief. What’s going on with the Ford F-150 Lightning?
Ford F-150 Lightning sales drop again in February 2025
Ford’s US sales dropped by 9% last month. Although electrified vehicles, including EVs and hybrids, both notched double-digit growth, sales of Ford’s gas-powered (ICE) models, which accounted for over 85% of deliveries, fell nearly 13%.
Hybrids saw higher demand with sales up 27.5% to 15,357, while EV sales increased 15% to 7,326. The Mustang Mach-E was a bright spot with 3,312 models sold in February, up 13% from the prior year.
With 6,841 Mach-Es sold through the first three months of 2025, Ford’s electric crossover SUV remains a top-selling EV in the US.
Ford’s electric pickup didn’t fare as well. F-150 Lightning Sales were down nearly 15% last month with only 2,199 units sold. Through March, Ford has sold 15% fewer Lightning models than it did at this time last year.
Sales of the electric pickup have been slipping for months now. In the final three months of 2024, F-150 Lightning sales were down 10%.
The Lightning, alongside Rivian’s R1T, are no longer the only electric pickups on the market. Ford is facing new competition with the Tesla Cybertruck, Chevy Silverado EV, and GMC Sierra EV, arriving.
According to Cox Automotive, the Tesla Cybertruck slipped past the Lightning to become the fifth best-selling EV in the US last year with nearly 39,000 units sold. Ford’s Lightning was sixth with just over 33,500 models sold.
Ford extended its “Power Promise” promo earlier this year to boost demand, giving EV buyers a Level 2 home charger and other benefits, but Lightning sales are still down.
The American automaker cut Lightning production at its Rouge Electric Vehicle Center last year, citing slower-than-expected demand. A new report from Automotive News claims Ford is now ending a pilot program to stock and distribute EVs through regional hubs after it failed to catch on. It was designed to speed up deliveries.
Although Ford plans to launch a smaller midsize electric pickup, it won’t arrive until at least two more years. With new competition, like the Ram 1500 REV and Volkswagen Scout pickup, hitting the market over the next few years, Ford may find it even harder to attract buyers.
FTC: We use income earning auto affiliate links. More.
Costco’s Auto Program recently introduced some new member-only incentives, and the 2025 Volvo EX90 BEV is now on its list.
Volvo is offering Costco Executive Members $2,000 off the 2025 EX90. Costco Gold Star and Business members are eligible for $1,500 off. The incentives are available on all versions of the Volvo EX90 for members who purchase or lease from February 24 to April 30, 2025. It’s the only non-GM EV that’s that’s eligible for an incentive through the EV program.
The offer is compatible with A-Plan pricing for employees, as well as Affinity Pricing for teachers and first responders. Costco members will have had to have been members as of February 23 and be the primary members on the Costco account to qualify.
However, CarsDirect gave the heads up on how buyers can get up to $10,000 off the EX90’s MSRP. As we stated, if you’re a Costco Executive Member, that’s $2,000 off. Then, add the $7,500 EV Lease Allowance and a $500 loyalty discount on leases if you currently own or lease a Volvo or have owned or leased a Volvo within the past six months.
With the destination fee included, the base EX90 MSRP starts at $81,290, so that brings it down to $71,290, a more than 12% discount, a pretty good deal.
The 2025 AWD Volvo EX90, which can seat seven passengers comfortably, has a range of up to 310 miles and is NACS-compatible. It has a 510 hp engine, 110 kWh battery capacity, and can go from 0-60 mph in 4.7 seconds.
Read more: Review: Volvo EX90 is a smooth AWD 7-seat luxury kid-hauler
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports11 months agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business2 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway