Akio Toyoda, President of Toyota Motor Corporation, has cautioned that a complete shift to electric vehicles (EVs) could lead to significant layoffs among employees and suppliers in the automotive industry. In Japan alone, there are approximately 5.5 million workers in this sector, many of whom have long-standing roles related to internal combustion engine technology.
Toyoda stated that if electric vehicles become the only option for consumers, numerous jobs associated with traditional engines and their supply chains would be at risk. This shift would have a profound impact on those who have dedicated their careers to internal combustion engine technology.
Toyota, the world’s largest automaker by sales, has been more cautious in its approach to electric vehicles compared to other manufacturers. This strategy has contributed to a slowdown in global EV sales for the company, which has benefited from a rising demand for hybrid models, particularly in key markets like the United States.
Previously, Toyoda indicated that electric vehicles might capture a maximum market share of 30% in the global automotive market, with the remainder comprising other energy types, such as hybrids and hydrogen fuel cell vehicles, as well as traditional gasoline-powered cars.
