Toyota Chairman Warns EV Transition Could Spell Job Losses Amidst Accelerated Electric Push

Toyota's top official mentions employment decline with move to electric vehicles

According to Toyota's chief Akio Toyoda, phasing out traditional combustion engines in favor of electric vehicles could result in the loss of numerous jobs associated with engine technology, as he discussed with Reuters and other reporters on Thursday.

Toyoda, who formerly served as CEO and descends from the founder of the company, expressed concerns that if electric vehicles turn into the sole option, even for their suppliers, it would result in job losses for many individuals.

2024 Model of Toyota bZ4X

Toyoda has consistently expressed skepticism about the widespread adoption of electric vehicles. In earlier remarks made in January, he predicted that electric vehicles would make up no more than 30% of the market. He believes the majority of the market will be dominated by hybrids and hydrogen fuel-cell vehicles, with traditional gasoline engines still playing a role.

Despite the remarks made by its senior leader, Toyota is accelerating its electric vehicle production plans. In September, the company announced its intention to increase electric vehicle manufacturing to one million units worldwide by 2026, a significant increase from current figures. Additionally, Toyota is moving forward with the manufacturing of cutting-edge solid-state battery cells, although the initial output will be modest, possibly restricting their application to specialized vehicle models.

2025 Model of Toyota RAV4

Toyota has entered into a lasting contract for battery provision with LG in the United States, securing a substantial number of batteries from LG's Michigan facility to power its American-manufactured electric vehicles. This includes a forthcoming SUV with three rows of seating, slated for production in Kentucky by 2026, and another vehicle anticipated to be assembled in Indiana. Additionally, it's been suggested that Toyota and Subaru will unveil another jointly-created electric SUV in 2026, succeeding their joint venture on the bZ4X/Solterra duo.

In a recent discussion with Bloomberg, Toyota's chief scientist Gill Pratt mentioned that nearly half of Toyota's sales in the U.S. during September were made up of hybrid and electric vehicles, including those powered by fuel cells. This significant proportion prompts the debate on whether Toyota should cease producing purely internal-combustion engines in favor of those with hybrid technology. However, Pratt acknowledged there's still a considerable distance to cover before they hit the conservative estimate of 30% market share that Toyoda had forecasted.

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