We have a few short news stories here, highlighting what could be a massive crossover in the auto industry in the next several years, particularly concerning Toyota and BYD.
Toyoda’s Position
Despite long standing leadership in the global auto sales market, Toyota has been criticized for its reluctance to shift towards electric vehicles. However, recent statements from Toyota Chairman Akio Toyoda indicate the company’s skepticism about the future of battery electric vehicles (BEVs). Toyoda predicts that full BEVs will only achieve a 30% market share by 2030, a surprising and controversial stance considering the current global market share for BEVs and the upward trends in adoption.
Considering these predictions, Toyota’s outlook on the future of the auto industry stands in stark contrast to the rapid rise of other manufacturers, such as BYD, in the BEV market.
BYD’s Rise
Contradictory to Toyota’s lack of confidence in BEVs, BYD continues to experience unprecedented growth in the market, particularly in the realm of electric vehicle sales. Recent reports indicate that BYD has even surpassed Volkswagen in annual auto sales in China, resulting in significant shifts in the auto market dynamics, bringing into question the prospects of Toyota’s continued dominance in the industry.
BYD–Toyota Crossover?
As BYD’s sales continue to soar, it is not far-fetched to imagine a future where BYD surpasses Toyota in overall vehicle sales. Market dynamics are rapidly changing, and the growing global market for BEVs suggests that success might well be on the side of manufacturers focusing on electric vehicle production.
Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Latest CleanTechnica TV Video
Reader support is essential for our work. If you find our content valuable, consider contributing a small amount monthly to support our team in delivering 15 cleantech stories every day!
Thank you!