Electric cars will only reach 30 per cent market share, Toyota boss says - 'Engines will surely remain'

He suggested that petrol and diesel internal combustion engine vehicles, hybrids and hydrogen fuel cell vehicles would make up the rest of the market.

Toyoda, who is the grandson of the founder of the brand, said it would be irresponsible to move towards EVs when there are one billion people around the world living without electricity.

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He stated that Toyota would be unable to supply vehicles to all regions of the world meaning a single, electric option was out of consideration.

The boss of Toyota also highlighted how the brand and other Japanese manufacturers had been instrumental in introducing hybrid vehicles to the wider market.

Japan, which has massively adopted hybrid vehicle technology, has managed to slash CO2 by 23 per cent, something Toyoda pointed out.

Commenting on the progress being made with electric cars, the 67-year-old said: “Customers — not regulations or politics — should make that decision.

“Engines will surely remain,” the chairman said at a business event earlier this month.

Toyota, which is the world’s best-selling manufacturer in the world, has focused massively on hybrid and hydrogen fuel cell technology in recent years.

It is one of the few global brands to release a hydrogen-powered passenger car with the Toyota Mirai.

The zero emission vehicle provides drivers with 500 miles of range and takes just five minutes to fill up. However, there are only a handful of hydrogen refuelling stations across the UK.

Critics have accused Toyota of lagging behind with the development of electric vehicles, with its only passenger car being the bZ4X, in addition to the Proace electric van.

Last year, Prime Minister Rishi Sunak rolled back a number of net zero measures, including delaying the deadline to ban the sale of new petrol and diesel cars and vans from 2030 to 2035.

This was met with mixed reactions from across the sector. A number of manufacturers were dismayed by the announcement and the impact it would have on the uptake of EVs while drivers were pleased that prices of new vehicles would likely fall.

In his speech, the Prime Minister said that by delaying the ban on new ICE car sales, drivers would benefit from the expansion of the EV charging network and keep hold of their vehicles for a longer time.

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There are estimated to be around one million electric vehicles on the road in the UK at present as experts hope the Zero Emission Vehicle mandate will help drivers make the switch to an EV.