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Longtime Toyota CEO and chairman Akio Toyoda believes EVs will only reach 30% market share at most. The comments come despite several auto markets, like Norway and Sweden, already well past that.

Toyoda, the grandson of the automaker’s founder, has been one of the most vocal opponents as the industry shifts to electric.

Under Toyoda’s control, the Japanese automaker has consistently lobbied against electric vehicles, asking for easier government regulations to slow the rollout. As a result, Toyota ranks among the world’s top obstructive companies with Chevron and ExxonMobil.

Although the longtime leader stepped down as CEO in April, he remains on the board, and his influence is evident.

New Toyota CEO Koji Sato seemed to recognize the automaker’s failure to keep pace in the rapidly evolving auto market, but anti-EV efforts have continued.

Toyota has stuck to its hybrid strategy because that’s what has worked for them in the past. The brand, known for the Prius, continues pushing hybrids, fuel cell, and other gas-powered cars despite most governments moving toward all-electric.

Other top Toyota executives have reiterated the stance, claiming hybrids are a better fit for most customers.

Toyota-EVs-30%
2024 Toyota bZ4X XLE FWD (Source: Toyota)

Toyota chairman believes EVs will only reach 30% share

During a lecture on the company’s production system, Toyoda explained he believes that EVs will only represent 30% market share, “no matter how much progress BEVs make.”

The remaining 70% will be HEVs, FCEVs, and hydrogen engines. Toyoda added, “And I think engine cars will definitely remain.”

Toyota-EVs
Akio Toyoda presents new EV concepts in 2021 (Source: Toyota)

Despite Toyoda’s comments, several markets are already well above the 30% mark. Norway, for example, already reached 82.4% EV market share in 2023.

Other markets, including Sweden (32%), the Netherlands (24%), and China (24%), are all above or about to surpass the mark.

BYD-EVs
BYD Dolphin (left) and Atto 3 (right) Source: BYD

China is a prime example of how quickly EV share can rise. EVs represented under 6% of total auto sales in China in 2020. This past year, that number reached over 24%.

Over 1.2 million EVs were handed over in the US last year, or 7.6% of all auto sales last year. This year, that number is expected to cross the 10% mark, according to Cox Automotive data.

Electrek’s Take

Toyota continues pushing its hybrid tech because that propelled it to be the world’s largest automaker. However, times are changing again.

Although Toyota was ahead of the pack with hybrids, its hesitation with EVs could set it up for failure. The automaker has one of the least developed supply chains for EVs.

Of the nearly 9.4 million vehicles sold globally last year (including Lexus), only 95K or 1% were all-electric. Rival Volkswagen sold over 394,000 EVs, or around 9%. Other automakers like Hyundai, BMW, Mercedes, and Volvo are already hitting double-digit or 100% EV sales.

Meanwhile, Tesla delivered a record 1.81 million EVs last year as adoption continues climbing globally.

BloombergNEF predicts EVs will represent 75% of new car sales and 44% of passenger vehicles on the road by 2040.

By sticking to what has worked in the past while ignoring the global trend, Toyota is setting itself up to fall further behind.

Source: Bloomberg, Toyota

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Isuzu’s first electric pickup is here and it’s a beast: Meet the new D-MAX EV

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Isuzu's first electric pickup is here and it's a beast: Meet the new D-MAX EV

A fully electric Isuzu pickup truck? That’s right. The D-MAX EV is Isuzu’s first electric pickup, and it will be rolling in the next few months. After kicking off mass production, Isuzu said the new EV pickup will “match the performance of existing diesel models,” boasting high towing capacity and payload.

Isuzu’s first electric pickup is launching in 2025

Isuzu announced on Tuesday that the D-MAX EV has officially entered mass production. The company has started building left-hand drive models, which will be shipped to Europe in the third quarter of 2025.

By the end of the year, production of right-hand drive models will begin for the UK, with sales expected to start in 2026.

The electric pickup is nearly identical to Isuzu’s popular gas-powered D-MAX, but swaps the diesel powertrain for a pair of electric motors. The D-MAX EV features new e-Axles, one on the front and the other at the rear, for a full-time 4WD system.

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The dual-motor powertrain enables it to match the performance of existing diesel models, with a combined 188 hp (140 kW) and a maximum torque of 240 lb-ft (325 Nm).

It can also tow over 7,700 lbs (3,500 kg) with a maximum payload of over 2,200 lbs (1,010 kg). That’s about the same as the D-MAX diesel, which has a 3,500 kg towing capacity and a payload capacity of up to 1,200 kg.

Powered by a 66.9 kWh battery, Isuzu’s first electric pickup boasts a driving range of up to 263 km (162 miles) on the WLTP. In the city, it can have a driving range of up to 224 miles (361 km).

Isuzu D-Max EV specs
Drive System Full-time 4×4
Battery Type Lithium-ion
Battery Capacity 66.9 kWh
Max Output 130 kW (174 hp)
Max Torque 325 Nm
Max Speed Over 130 km/h (+80 mph)
Max Payload 1,000 kg (+2,200 lbs)
Max Towing Capacity 3.5t (+7,700 lbs)
Isuzu D-Max EV electric pickup specs

Built for on and off-road performance, the rugged electric pickup features over 8″ (210 mm) of ground clearance with a wading depth of nearly 24″ (600 mm).

Although prices have not been announced, the D-MAX EV is expected to start slightly higher than the diesel model, which has a base price of around € 36,500 ($41,600).

Isuzu’s popular D-MAX is sold in over 100 countries, including Europe, Asia, the Middle East, and Central and South America. The electric version will arrive in Europe in the next few months, followed by the UK and other regions in 2026.

The electric D-MAX will compete with the Toyota Hilux, Ford Ranger, and other electric pickups, such as Geely’s Radar R6, BYD’s Shark, and Ford’s F-150 Lightning.

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Tesla insider buys stock for the first time in years and it’s hilarious

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Tesla insider buys stock for the first time in years and it's hilarious

For the first time in five years, a Tesla insider required to report Tesla stock transactions bought stocks rather than selling them.

But the transaction is so small that it makes the whole situation hilarious.

Insiders in public companies are top executives and board members who are required to report to the SEC any transaction related to the company’s stock.

For Tesla, it has become a running joke that insiders only sell, never buy the stock.

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This has been true without exception for years.

We don’t know as much about executives as Tesla has a very short top executive bench who are required to file transactions. However, when it comes to its board members, they have been selling at an impressive rate.

We recently reported on Kimball Musk, Elon’s brother, and Tesla’s Chief Financial Officer Taneja Vaibhav recently selling ahead of a recent drop in the company’s stock price.

Tesla’s chairwoman, Robyn Denholm, also sold $33 million worth of Tesla shares in February and over $100 million in the 3 months prior.

However, we now have confirmation that a Tesla board member is buying, rather than selling.

Joe Gebbia, the Airbnb co-founder who joined Tesla’s board in 2022, confirmed that he bought 4,000 shares in Tesla last week worth about $1 million:

Electrek’s Take

Gebbia is estimated to be worth over $7 billion. Therefore, his purchase of $1 million worth of Tesla stock would be equivalent to my buying a fractional share in Tesla.

Furthermore, the disclosure confirmed that despite being on the board for the last 3 years, Gebbia owned only 111 shares in Tesla before the transaction.

That’s quite the show of confidence in Tesla.

Thie whole situation with the board is disappointing. Tesla’s core business is melting. The company reported its worst quarter in years last week, and the stock surged 20%.

None of it makes any sense.

The board is sitting on its hands while the most powerful force accelerating the advent of electric transport is being destroyed in favor of nonsensical predictions about the potential of solving self-driving and humanoid robots.

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Venmo revenue grows 20%, with debit card payment volume soaring

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Venmo revenue grows 20%, with debit card payment volume soaring

Justin Sullivan | Getty Images

Venmo, long a centerpiece of PayPal‘s growth story but often criticized for its lack of monetization, is becoming a bigger contributor to the business.

PayPal said Tuesday in its first-quarter earnings release that revenue at Venmo increased 20% year-over-year in the first quarter, though the company didn’t provide a dollar figure. PayPal acquired Venmo in 2013 through the acquisition of parent company Braintree.

While it’s long been a popular consumer service for sending money to friends, Venmo’s ability to drive meaningful revenue has been a major question mark for investors, especially as competition from rivals like Zelle and Square Cash has intensified.

Venmo’s total payment volume rose 10% from a year earlier, but revenue grew twice as fast, reflecting the business opportunity. Venmo only gets revenue from specific products like Pay with Venmo at online checkout, Venmo debit cards, and instant transfers, but not from peer-to-peer payments.

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Ahead of the earnings report, Jefferies analysts noted that Venmo revenue growth appeared to be “accelerating sharply” and flagged its rising contribution to branded checkout as a key area to watch. Compass Point analysts similarly said that while competition from Zelle and Square Cash remains fierce, Venmo’s traction with debit cards and online checkout could “open up new monetization avenues” if adoption trends continue.

The company added nearly 2 million first-time PayPal and Venmo debit card users during the quarter, and total debit card payment volume across PayPal and Venmo climbed more than 60%. Meanwhile, Pay with Venmo transaction volume surged 50% year over year, and Venmo debit card monthly active users grew about 40%.

PayPal reported better-than-expected earnings for the quarter but missed on revenue. The company reaffirmed its full-year guidance, citing macroeconomic uncertainty.

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PayPal CEO Alex Chriss: Huge opportunity to deliver to consumers and help small business

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