The market is not ready for mass adoption of EVs, says Toyota executive

Electric vehicles may be witnessing surging demand from consumers in recent times, but a chance of mass adoption of electric vehicles is still not there, believes Toyota Motor North America’s executive vice president Jack Hollis. He believes that there simply isn’t enough consumer demand for the mass adoption of electric vehicles in the United States.

Hollis said that the market, electric vehicle charging infrastructure, is not ready yet. Also, the price points for electric vehicles are pretty high at present, which is another issue. “I don’t think the market is ready. I don’t think the infrastructure is ready. And even if you were ready to purchase one, and if you could afford it, they’re still too high," he added.

Toyota is venturing into the electric vehicle arena with the bZ4X. Also, it is bringing a few more models with a pure electric powertrain. The automaker has been criticized for pushing back against internal combustion engine bans and the wide adoption of electric vehicles.

Electric vehicles accounted for 5.2 per cent of total new vehicle sales in the first half of 2022, registering a dramatic growth from 2.5 per cent in 2021. The US administration has a goal of 50 per cent of new vehicle sales in the US being for EVs by 2030, which Hollis think is not achievable. “It took 25 years to get to less than 10 per cent (market share) for hybrid — which is affordable, which is done with resources that are available," he explained. He also said that customers aren’t demanding EVs in the numbers that the government hopes to achieve. “The consumer isn’t demanding it at that level. The consumer is not screaming, ‘30% or 40% by tomorrow,’" he asserted.

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