EVs to cap at 30% of market and ICE engines remain, Toyota chair forecasts

Toyota chair Akio Toyoda reckons EVs will be unofficially capped at about 30% of all new vehicle sales.

And he believes the rest of the market will go to hybrids, hydrogen fuel cells (FCEVs) and internal combustion engine (ICE) vehicles, InsideEVs says, noting he’s long been a proponent of a mixed fuel future.

“Engines will surely remain,” Toyoda was reported as saying in the automaker’s internal publication, says Bloomberg, although it’s uncertain if he meant cars on the road, or forever.

EVs comprised about 18% of all new vehicle sales globally in 2023 and are predicted by some to account for 44% of new vehicle sales by 2030 and 75% by 2040.

However, Toyoda says EV charging infrastructure is one of the largest problems plaguing EV adoption.

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