The Electric: Toyota’s Wrong-Way Bet That EVs Will Never Dominate Vehicle Sales

For years, Toyota has diverged from the auto industry’s mostly all-in attitude toward electric vehicles—it would build what its customers said they wanted, the company said, and was in no rush to produce EVs. In fact, chair Akio Toyoda said earlier this month, the Japanese company was developing a new combustion engine because they “are necessary for the future.” And on Tuesday, Toyoda went even further and declared that EVs will never be as big as combustion. At their peak, he said, EVs will account for just 30% of all cars sold globally.