Three EU based asset management companies holding millions in stake in Toyota Motor have submitted a shareholder request that the Japanese automaker provide a comprehensive, annual review of its climate-related lobbying efforts. Never one to miss an opportunity to show cynicism toward a steadfast BEV future, Toyota has urged his other shareholders to vote against the proposal.
Even as Toyota softens at the idea of BEVs as the vehicle of the future new leadership, its sloth-like approach to the transition remains a blemish many have not forgotten, including the automaker’s own shareholders.
There is no shortage of news coverage detailing Toyota’s love affair with hybrid vehicles – the Prius did help propel the automaker to superstardom after all. As nearly all other legacy automakers continue to set timelines and expiries on combustion vehicles, Toyota has had a death grip on its bread and butter for quite sometime, and has lobbied against climate change policy to ensure drivers can continue to huff emissions fumes.
That being said, Toyota has turned a new page in its global market strategy, recently appointing Lexus chief branding officer Koji Sato as Toyota’s new global CEO. Sato brings a refreshing outlook on the future of electrification compared to his predecessor, as the company finally admitted “the timing is right” for EVs.
Sato has his work cut out for him, as he has already outlined a roadmap for 10 new BEVs and a bespoke platform, while simultaneously stumbling right back into the company’s “multi-pathway approach” that still includes fuel cell vehicles and of course, hybrids.
Meanwhile, climate organizations have taken notice of the change at the helm and have seized the opportunity to publicly demand the new Toyota chief phase out fossil fuels more quickly.
Now, Toyota’s own shareholders are concerned about the automaker’s lackluster approach to BEVs as well and have requested to learn the efforts Toyota is taking toward lobbying in favor of the environment.
Toyota urges shareholders to vote against lobbying details
Per Reuters, three European asset managers have submitted a shareholder proposal urging that Toyota Motor Corp disclose lobbying activities regarding climate change. The trio includes Danish pension fund AkademikerPension, Norway’s Storebrand Asset Management, and Dutch pension investment company APG Asset Management.
Combined, the asset companies account for about $400 million in Toyota shares, so they have a pretty loud voice in the room. The popular think tank InfluenceMap, has continually given Toyota low ratings for openly opposing policies that would mandate the phase-out of internal combustion engines.
Many other automakers, in the US and Europe especially, have committed to much more ambitious carbon neutrality timelines compared to Toyota, and green investors are starting to worry that the Japanese automaker may miss the zero-emissions boat that’s outlook looks quite lucrative. AkademikerPension’s chief investment officer Anders Schelde spoke:
We’re concerned that Toyota is missing out on profits from soaring EV sales, jeopardizing its valuable brand and cementing its global laggard status. We need concrete policy changes and a better annual review drawing on independent data to calm international investors.
The shareholder proposal requests Toyota deliver an annual review of its climate-related lobbying to truly substantiate whether such lobbying does in fact reduce risks for the company from climate change and aligns with its publicly announced goal of becoming carbon neutral by 2050. The shareholders also seek assurances that Toyota’s lobbying efforts are in line with the Paris Agreement.
Naturally, Toyota has urged its other shareholders to vote against the proposal, which will now be on the docket during the company’s annual meeting in June. Toyota said it expects a five-fold increase in BEVs sales this business year, but we’d argue that’s not a massive feat when you only sell one model of which only a few hundred were delivered in 2022.
Even without the proposed resolution, Toyota’s board has already shared plans to improve its annual report that detail its public lobbying efforts on climate. This year’s report will include help from an “accredited third party” who will evaluate Toyota’s public work with associations in the climate and automotive industries.
Despite all of this, Toyota is still clinging to the argument that the world is not ready for battery electric vehicles and that hybrids and FCEVs will be crucial in bridging the gap. Is it 2018 again?
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Now that the new Tesla Model Y Juniper refresh has been fully unveiled and we know all the details, which one do you prefer: the new one or the old Model Y?
We are curious to get your opinion on the new Model Y design. Opinions appear divided as some see the update with the lightbars as played out, while others appreciate the more aggressive look.
What do you think?
Here are comparison images of the new and old Model Y:
Here are also the updated specs and features, but these are objectively almost entirely positive other than the lack of gear shift stalk, maybe, so the poll is obviously more about the design changes:
Feature
Model Y
New Model Y
Starting Price After Est. Savings
$31,490 Available Now
$46,490 Available Starting March
Trims
Long Range RWD Long Range AWD Performance AWD
Launch Series Long Range AWD
Range
277-337 miles (EPA est.)
303-320 miles (est.)
Seating
First row: power recline and heated Second row: manual fold and heated
First row: power recline, heated and ventilated Second row: power two-way folding and heated
BYD’s record-breaking year is paying dividends. Despite its vehicles selling for less than $17,000 on average, BYD topped Mercedes-Benz and Volkswagen, ranking first in car sales revenue in China last year. After taking the market by storm in 2024, the world’s largest EV maker aims for even more growth this year.
BYD ranked first in car sales revenue in China in 2024
BYD capped off an impressive run in 2024, selling over 500,000 vehicles for its third straight month in December. The year-end sales push bumped BYD’s total passenger car sales to over 4.25 million passenger vehicles last year, up 41% from about 3 million in 2023.
After topping Volkswagen to become China’s largest car maker in 2023, BYD became the country’s largest auto group in October 2024, surpassing SAIC. SAIC has joint ventures with Volkswagen and GM.
Not only is BYD selling more cars than its overseas rivals, it’s also making more on vehicle sales. According to China’s Sina Finance (via CarNewsChina), BYD ranked first among automakers in China in car sales revenue last year.
BYD sold 3.49 million vehicles in China, generating 420.7 billion yuan, or around $58 billion. Mercedes-Benz was second, with 710,000 cars sold for 307.9 billion ($42.5 billion) in revenue.
Volkswagen placed third with 2.1 million vehicles sold in 2024 and 303.2 billion yuan ($41.9 billion) in sales revenue.
The most interesting part is that BYD’s average selling price (ASP) per vehicle was just $16,700 (121,000 yuan), compared to Mercedes-Benz’s $59,500 (430,000 yuan) and Volkswagen’s $19,700 (143,000 yuan).
Ranking
Automaker
Average Vehicle Selling Price (*USD)
Vehicle Sales Revenue (*USD)
1
BYD
$16,700
$58.1 billion
2
Mercedes-Benz
$59,500
$42.5 billion
3
Volkswagen
$19,700
$41.9 billion
4
Toyota
$23,300
$36.7 billion
5
BMW
$46,900
$32.7 billion
6
Tesla
$33,800
$22.3 billion
7
Aito
$55,500
$21.4 billion
8
Li Auto
$42,000
$21.1 billion
9
Honda
$20,800
$17.8 billion
10
Geely
$12,700
$13.2 billion
Top ten automakers by car sales revenue in China for 2024 (Source: CarNewsChina/ Sina Finance)
BYD beat out Mercedes-Benz, Volkswagen, Toyota, BMW, and Tesla even with a significantly lower average selling price.
Electrek’s Take
After BYD stopped making fully gas-powered vehicles in 2022, the company has become a force in the auto market. With over 1.76 million EVs sold in 2024, BYD ranked second, slightly behind Tesla, which delivered over 1.78 million vehicles.
Despite this, BYD was the “world’s top EV maker,” beating out Tesla with about 4,500 electric cars produced in 2024.
With China becoming saturated with domestic rivals, BYD is aggressively expanding overseas to drive growth in 2025. Last year, it sold more EVs in Japan than Toyota, and it was BYD’s first full sales year in the country.
BYD was Singapore’s best-selling car brand last year, the first Chinese automaker to achieve this feat. With plans to rapidly expand in Europe, Central and South America, and other key regions, BYD is poised to see even more growth in 2025.
Although it’s best known for low-cost electric cars, like the Seagull, which starts at under $10,000 in China, BYD is quickly expanding its lineup with new pickup trucks, smart SUVs, off-road models, and electric supercars rolling out.
Earlier this month, it launched the world’s largest car carrier, which will ship up to 9,200 vehicles overseas as BYD prepares for another big year in 2025.
Electric bicycle incentive programs have grown considerably over the last few years, and Washington State is one of the most recent to lay the groundwork for yet another program designed to reduce the cost of this alternative transportation for lower-income commuters. But the state is also going about it in a unique way, by using funding raised from its emissions taxes.
That’s right, a new $5 million budget earmarked for electric bicycle rebates in the state is being funded by the state’s emissions taxes as part of the Climate Commitment Act, which received a groundswell of support among voters in the state.
The rebates will range from $300 for those making more than 80% of the area median income to up to $1,200 for lower-income residents.
Applications will take place via a still-in-development online portal system, and the rebates will be honored at the register, meaning riders won’t have to fork over the entire amount and then wait for a reimbursement check or tax rebate.
Unlike other e-bike incentive programs we’ve seen, such as the infamous California state program that was beset with issues from the start, the Washington State e-bike incentives won’t be provided on a first-come, first-served basis. Instead, lucky state residents will be randomly selected from the pool of entrants in a lottery-style drawing. However, many of the other details of the program are still being hashed out ahead of final implementation.
E-bike incentive programs like this one have been gaining traction nationwide as policymakers recognize the role electric bicycles can play in expanding transportation access. These programs often specifically target lower-income individuals who may not have the upfront cash to invest in an e-bike, despite the long-term savings they offer.
For many people, car ownership is an expensive burden, with costs for gas, insurance, and maintenance quickly adding up. E-bikes provide a cost-effective alternative, allowing people to commute to work, run errands, and access essential services without the financial strain of owning a car.
Beyond affordability, these programs also help address transportation equity and environmental concerns. Many lower-income neighborhoods have limited public transit options, making daily travel difficult for those without a car.
E-bikes can bridge that gap, providing a reliable and efficient mode of transportation that extends the reach of bus and train networks. Shifting more trips from cars to e-bikes reduces traffic congestion and carbon emissions, contributing to cleaner air and more livable cities.