Toyota Motor Corporation President Akio Toyoda once again confirmed the company's commitment to internal combustion engines. Moreover, during a speech to managers and corporate executives, he confirmed plans for a “major engine development project.” He previously announced the company's intention to continue producing internal combustion engines at the 2024 Tokyo Motor Show.
According to Toyoda, the market share of battery electric vehicles will never exceed 30%, regardless of technological advances. The remaining 70% will always be represented by gasoline cars, hybrids and fuel cell electric vehicles. And the auto industry needs to offer customers that choice, rather than force them to buy an electric car.
Toyoda's announcement about the development of a new internal combustion engine is at odds with the rest of the industry. In 2024, automakers are primarily focused on unveiling plans for new electric vehicles. Some even say they will end production of “traditional” cars in the coming years. In particular, Chrysler, Lotus, Aston Martin, Bentley, Buick, Cadillac, Rolls-Royce, Genesis, Maserati, Mini, Opel/Vauxhall, Volvo and Mercedes-Benz will completely switch to electric vehicles by the end of the decade. Audi will stop producing fuel-powered cars in 2032, Volkswagen – in 2033. Even the premium brand Lexus, owned by Toyota Motor, intends to abandon internal combustion engines until 2035.