Toyota Motor Corp. was one of the first automotive companies to launch a hybrid vehicle nearly 30 years ago in the gasoline-electric hybrid Prius.
And while it has been slow to roll out plans for electrification of its fleet, that time may have come and it may be one of the first companies to completely phase out gasoline-powered vehicles, according to a report from Benzinga.
Recently, the company said it plans to gain a global share of 30% of all electric vehicles (EVs) with a multi-tiered strategy. Additionally, it will phase out gasoline vehicles in favor of:
- EVs
- Plug-in hybrids
- Hydrogen fuel-cell vehicles
- Other future technologies
The first step is likely to be a complete transition of its fleet to plug-in hybrids and then later into full EVs. The report said that Toyota will likely overhaul its Rav4 for the 2026 model year to eliminate the gasoline-only version in the North American market. But the report notes that no official decision has been made yet.
Why it matters
During the height of COVID-19, amid a struggling economic slump in automotive sales combined with a shortage in automotive semiconductors in the supply chain due to the lockdown disruptions, General Motors and Ford both said they would primarily phase out gasoline- and diesel-powered vehicles by 2035.
What followed was an industry-wide decision by automotive OEMs to transition to electrified vehicles and slowly dwindle their fleet of internal combustion engine (ICE) vehicles. Fast forward about three and a half years, and while the time frame may have shifted due to a lack of EV infrastructure globally, plans remain the same for OEMs that continue to move to transition to electrification.
This move by Toyota to phase out its ICE-based vehicles shows that this transition is still happening as companies look to capture consumer interest in EVs as well as meet regional climate change initiatives.
