“The State of Electric Vehicles: Challenges and Assessment from Toyota President”

In a volatile auto market, Toyota’s president, Akio Toyoda, attracted attention when he publicly announced his assessment of the current state of electric vehicles. He did not hesitate to express skepticism about this trend, criticizing electric vehicles as the only solution in reducing CO₂ emissions into the environment. This is not only his personal opinion, but also a true reflection of an industry facing significant challenges.

Big Challenges Facing the Automobile Industry

Although Tesla, one of the prominent teams in the electric vehicle field, just reported third-quarter profits, it cannot be denied that the electric vehicle situation is slowing down. Along with that is the slowing down of electric vehicle deployment by major automakers such as GM and Lucid. High interest rates have reduced customer demand for electric and other vehicles, making the transition from gasoline-powered vehicles to the new technology an uneventful one.

“Electric vehicles are not only expensive, but they also require consumers to change their travel habits, which haven’t changed much in a long time,” explains Jessica Caldwell, head of insights at Edmunds. So, thinking that everything will go smoothly and always make a profit is a bit unrealistic.”

Factors Putting Pressure on the Automobile Industry

Even powerful figures like Elon Musk, CEO of Tesla, cannot avoid difficulties. The electric vehicle leader has experienced a slump, reporting its lowest after-tax profit in two years, reducing Musk’s net worth by $30 billion. The stock market also reacted negatively, as Tesla shares fell more than 17% and the company’s market capitalization fell by $138 billion in just over two trading days.

President of Toyota: Investing in the Right Direction

In this context, Toyota president Akio Toyoda was wise to correctly predict the state of electric vehicles and propose other solutions such as hybrid cars and hydrogen cars. He believes that investing in these technologies not only helps reduce emissions but also keeps consumers from having to change too much in their daily lifestyle.

Besides manufacturers, politics is also facing controversy. US President Joe Biden is facing challenges in promoting electric vehicle adoption. Along with that, conflicting opinions in society about the application of electric vehicles are becoming increasingly clear. As founder Henry Ford’s grandson, Bill Ford, described it: “Opinions around EVs are becoming a heavily political issue.”

Conclude

While the transition to electric vehicles is an inevitable future direction, the current situation poses significant challenges for both the auto industry and the government. Flexibility and innovation in business planning will be key to overcoming these challenges and moving towards a clean and sustainable future for the automotive industry and the environment.

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