Years of Anti-EV Policy at Toyota Generates Shareholder Backlash
Toyota, and company’s former CEO, face accountability at annual meeting after years in the slow lane on EVs
WASHINGTON, D.C. – Shareholders in Toyota Motor Corp. are considering the company’s first-ever climate-related resolution at their shareholder meeting scheduled for Wednesday. Ahead of the meeting, which will take place in Japan, three European pension funds publicly asked shareholders to join them in requiring Toyota to disclose its lobbying that impacts climate policy.
East Peterson-Trujillo, clean vehicles campaigner with Public Citizen’s Climate Team, issued the following statement.
“Two decades ago, Toyota’s hybrids were cutting-edge technology. But Toyota failed to capitalize on its electric head start. Instead, Toyota lobbied governments to ignore the perils of climate change and fought adoption of EVs. Now, shareholders are demanding more transparency from the company.
“Automakers without a robust EV strategy are automakers in trouble. Toyota’s announcement today that it plans to start selling advanced battery technology in long-range EVs starting in 2027 is a clear attempt to assuage shareholder concerns at the meeting. Until Toyota stops fighting the electric vehicle future and commits to a 100% zero-emission vehicle line-up, shareholders should remain skeptical and continue to push for accountability.
“Former CEO Akio Toyoda also seeks confirmation to chair Toyota’s board. Given his anti-EV record, shareholders should oppose him so that Toyota, the world’s largest automaker, can finally leave its polluting past behind.”
Last week, Public Citizen outlined why Toyota shareholders should worry about the company’s electric vehicle opposition.
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