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.
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.
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.”
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 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.
Commute up to 68 miles with exclusive 50% savings on ENGWE’s Engine Pro 2.0 folding e-bike at a new $749.50 low
We’ve secured an exclusive and budget-friendly deal from Wellbots for our readers on the ENGWE Engine PRO 2.0 Folding e-bike at $749.50 shipped, after using the exclusive promo code 9TO5ENGWE50 at checkout for 50% off. This model would normally run you $1,499 here, which we’ve seen discounted as low as $1,149 from the brand over the last year. That price is getting strong-armed out of the way with this exclusive deal that gives you a 50% markdown, putting nearly $750 back into your pocket at the best new price we have tracked.
A great alternative option for riders who want a reliable means to get through their commutes without shelling out $1,000 or more on other brands, the ENGWE Engine Pro 2.0 e-bike is a folding model that saves on space while also providing some significant travel support. The 750W rear hub motor peaks at 1,200W and comes paired with a removable 16Ah battery for up to 68 miles of pedal-assisted travel (five levels supported by a torque sensor) at up to 20 to 28 MPH top speeds, depending on what your local laws allow. Of course, you’ll have the option for pure electric travel via the throttle, though keep in mind this reduces the mileage to around 30 miles on one full charge.
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For the low price you’re getting on ENGWE’s Engine Pro 2.0, you’ll be scoring some solid features, including hydraulic disc brakes for greater stopping power, puncture-resistant all-terrain fat tires so you don’t have to fear what you may ride over, and an 8-speed Shimano derailleur for versatile pedaling options. That’s not all, as you’ll also be getting a rear cargo rack, a full suspension system, and a smart LCD screen for performance data and setting adjustments – plus, the whole thing weighs in at 70 pounds, so it’s manageable regardless of your rural/suburban/urban environment.
Upgrade your home security with Anker’s solar-powered eufy SoloCam S220 camera at $65
Anker is offering its eufy SoloCam S220 Solar Security Camera at $64.99 shipped, after using the on-page promo code at checkout for $35 off the price, which is beating out Amazon’s pricing by $5. Coming down off its $100 full price tag while the savings last, this model has been regularly seen dropping to $70 and more recently going lower to $65 over the last handful of months, only beaten out by the $62 low we first saw appearing during Prime Day at the top of the month. You’re looking at 35% markdown while the savings last, giving you the second-best price we have tracked if you missed out on the one-time Prime Day low. You’ll also find the camera’s multi-pack options starting from $129.99 shipped here.
Save up to 34% on multi-packs of Linkind’s Smart Solar Spotlights starting from $23
By way of its official Amazon storefront, Linkind is offering its Smart Solar Spotlights starting at $22.99 shipped for a 2-pack. The price is coming down from its $35 tag, with them having spent a significant portion of recent months at $24, with some falls to $23 (including during Prime Day) and one earlier drop to the $21 low back in April. You’re looking at a 34% markdown here that cuts $12 off the tag for the second-best price we have tracked, landing just $2 above the all-time low. You’ll also find its larger bundles benefitting from discounts, with the 4-pack down at its second-best price of $48.99 shipped, after clipping the on-page 30% off coupon, while its 8-pack is down at a $90.98 low.
Pick up the Worx GT Revolution 20V 12-inch string trimmer/edger/mini-mower with spare parts at $83 (2025 low)
Amazon is offering the Worx GT Revolution 20V 12-inch String Trimmer/Edger/Mini-Mower kit that comes with a 2.0Ah battery, 2A charger, three replacement spools, a spool holder, and replacement edger wheels for $82.99 shipped. The combination of the tool and battery alone goes for $130 at full price directly from the brand’s website, where it’s currently priced, but we’ve been seeing this larger bundle package keep down to $100 for much of the time since late March. While we have seen it drop lower in the past, the additional $17 savings from its recent going rate is the best price we have tracked over the last 12 months, even beating out its Prime Day pricing by $2.
Clear out your yard with up to 610 CFM air flow through this 60V Greenworks cordless leaf blower at $142
Amazon is offering the Greenworks 60V 610 CFM Cordless Leaf Blower at $142.49 shipped. Normally fetching $200 directly from the brand’s website, where this model is priced $8 higher, we’ve been seeing it keep to $180 in full at Amazon since March, with discounts dropping costs lower between $160 and $140 on average. The lowest we’ve seen this model fall was to a $135 rate on the last of Prime Day’s 4-day event, with the deal today matching the event’s first three days of pricing. You’re looking at the third-lowest price we have tracked, saving you $58 off the MSRP and landing just $7 above the all-time low.
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
To celebrate 1.5 million in sales, BYD launched a new Yuan Up “Pilot” EV edition on Thursday with prices now starting at under $10,500.
BYD launches new Yuan Up Pilot with lower prices
The new base model is priced at 74,800 yuan ($11,500), which is about 25% cheaper than the current Yuan Up lineup. Previously, Yuan Up prices ranged from 99,800 yuan ($14,000) to 119,800 yuan ($16,700).
Powered by a 32 kWh BYD Blade battery pack, the new Yuan Up Pilot edition has a CLTC driving range of up to 301 km (187 miles). The other three trims have a range of 401 km (249 miles) from a 45.12 kWh battery.
Given the lower prices, BYD had to cut back somewhere. And it’s not just in range. The lower-priced Yuan Up does not include BYD’s “God’s Eye” smart driving system.
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Earlier this year, BYD upgraded most of its vehicles with the smart driving tech at no extra charge. The other three trims include the “C” version, or the lowest level of autonomy.
BYD launches new lower-priced Yuan Up Pilot edition (Source: BYD)
More expensive vehicles, like those in the BYD Denza and Yangwang series, are equipped with more advanced “A” and “B” systems.
Inside, the cabin appears similar to other models, featuring a 10.1″ floating central infotainment screen and an 8.8″ driver display screen. It still features BYD’s DiLink 50 smart cockpit system, which includes voice control and connectivity support.
BYD Yuan Up EV interior (Source: BYD)
Measuring 4,310 mm in length, 1,830 mm in width, and 1,675 mm in height, the Pilot edition is the same size as other BYD Yuan Up models. That’s about the size of a Hyundai Kona.
BYD launches new lower-priced Yuan Up Pilot edition (Source: BYD)
According to data from CnEVPost, sales of BYD’s Yuan series fell 21% in May (31,711 units) and 29% in June (25,727 units) compared to the same period last year.
Given BYD’s aggressive push for smart tech, the new base Yuan Up could hint that a change in the Chinese automaker’s playbook is in the works. In overseas markets, the Yuan Up is sold as the Atto 2.
Last week, BYD launched its “high-energy super SUV,” the Sealion 06 EV, priced from 139,800 yuan ($21,000).
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However, as it often does with design refreshes, Tesla didn’t launch the performance version of the best-selling electric SUV with the broader refresh.
The automaker stopped taking orders for Model Y Performance, but we have been expecting the variant to make a comeback under the Juniper design by the end of the year.
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While cycling near Tesla’s Palo Alto engineering headquarters, an Electrek reader spotted a Tesla Model Y prototype in camouflage, which we quickly identified as a Model Y Performance with the Juniper design refresh:
What makes us think this is a Model Y Performance? The wheels look like Plaid 20″ wheels, which are generally reserved for performance versions.
If we zoom in, we can also see that the Model Y appears to feature bigger red brake calipers – another feature that Tesla only offers on performance versions of its vehicles.
Before the refresh, the Model Y Performance achieved an EPA-estimated range of 277–285 miles (446-459 km), depending on the wheel configuration.
It accelerated from 0 to 60 mph in 3.5 seconds.
The new Model Y Performance with the Juniper refresh is expected to slightly improve on those metrics while also bringing some of the other changes introduced in the design refresh, such as a light bar, ambient interior lighting, a rear screen, and more.
Tesla previously sold the Model Y Performance for a base price of $51,500 in the US.
The new version of the vehicle is expected to launch in the coming months.
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