Once a favorite with environmentalists for the Prius full-hybrid it popularized more than two decades ago, Toyota has come under fire from some investors for not phasing out gasoline-powered cars and its lobbying on climate policy.
“The goal is carbon neutrality,” Toyota Chief Technology Officer Masahiko Maeda told the meeting, responding to questions submitted by Danish pension fund AkademikerPension, which also asked Toyota to refrain from lobbying to undermine the transition to full-electric vehicles.
However, “customers need to choose,” Maeda said, in order to popularize electrified cars that include plug-in hybrid. A variety of options should be available and the automaker should not narrow those down, he said.
Toyota argues that hybrids still make sense in markets where infrastructure is not ready to support a faster move to EVs and is exploring the viability of green fuels for internal combustion engine cars, including hydrogen.
There is a gap between Toyota, which approaches decarbonization in a “pragmatic” way, and environmental groups that call for immediate action, said Seiji Sugiura, a senior analyst at Tokai Tokyo Research Institute.
The positions are not polar opposite, he said, adding Toyota has been working to slash greenhouse gas emissions from the vehicle production stage.
