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by Aaron Sheldrick
Some Toyota Motor (7203.T) shareholders have criticized its President Akio Toyoda for questioning Japan’s plans to ban conventional cars only days after the firm said it was reviewing its climate lobbying and aimed for carbon neutrality by 2050.
The five investors, who collectively have around $500 billion in assets under management and spoke exclusively to Reuters, said the carmaker risks falling behind competitors that are rolling out electric vehicles, while giving cover for other companies seeking to avoid big changes to meet climate goals.
Japan’s Toyota signalled a shift in its climate change stance last month when it said it would review its lobbying and be more transparent on what steps it was taking as it responded to increased activist and investor pressure.
Three days later though, in his capacity as head of the Japanese automobile Manufacturers Association, Toyoda questioned the country’s decision to ban new internal combustion engined vehicles by 2035 in its quest for carbon neutrality.
“What Japan needs to do now is to expand its options for technology. I think regulations and legislations should follow after,” Toyoda said.
Continue reading “Investors chide Toyota’s Toyoda for questioning combustion car ban”