- Toyota faces pushback from European pension funds.
- The Japanese carmaker plans to spend $35bn on EVs.
- The carmaker won’t invest in its UK hybrid facility.
Toyota is getting more criticism from big European pension funds because it doesn’t want to “go all-in” on electric cars. Green activist investors are getting ready for a showdown at the company’s general meeting this week.
The car company, a pioneer of green technology with the Prius hybrid in 1997, now opposes a quick move to battery-powered automobiles and defends petrol-electric hybrids.
Read more: Less than two months, Toyota recalls the first mass-produced EVs
The car company won’t invest in its UK hybrid factory. More than half of all new cars sold in the UK must be electric by 2028. But the government has been criticized for not addressing hybrids.
The car company supported Trump’s effort to reduce fuel efficiency rules. Toyota’s president and Japan’s auto lobby head questioned the government’s plan to ban new gasoline cars by 2035.
AkademikerPension, a $20bn Danish fund, AP7, a $120bn Nordic asset management. The Church of England have attacked Toyota’s lobbying actions.
Read More:
AkademikerPension missed the AGM proposal deadline.
The Japanese carmaker plans to spend $35bn on EVs and sell 3.5mn battery-powered cars by 2030.
“We are committed to ensuring that national policies, societal needs, technological advances, and the needs of our customers all point in the same direction to the greatest extent possible,” The car company said,
The car company plans to update its climate policy report yearly via shareholder discussion.
