Toyota CEO US: ‘market not ready for EVs’

According to Hollis, there is simply not enough demand in the US market to meet the Biden government’s target, Forbes said. That target dictates that by 2030, fifty percent of cars sold in the US must be electric. According to the Toyota CEO, the demand would not reach that level because the infrastructure is not ready for it, but also because, according to him, the cars themselves will simply be too expensive for the time being. Hollis illustrates how difficult the fifty percent share is in his opinion, based on the hybrid adaptation in the US. This technology, which was of course mainly offered by Toyota, has been on the market for 25 years now. Yet hybrids of all brands together account for less than 10 percent of total sales in the US, Hollis says, while they do not suffer from the practical disadvantages and high prices of EVs. The current market share of EVs in the US is 5.2 percent, according to Kelley Blue Book. Two-thirds of that is attributable to Tesla. The average price of a new EV in the US in June was $66,000 (almost equal in euros, 66,471). That’s significantly more than the $43,942 the average American paid in the non-luxury segment. Premium buyers paid an average of 66,476, pretty in line with what the average EV costs there.


Source: AutoWeek by www.autoweek.nl.

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