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EV Sales in Latin America May Only Touch 5% by 2030, Toyota Says

  • Japanese automaker’s regional head urges Brazil to take lead
  • Toyota sees bulk of cars in 2030 being flex-hybrids in region
2022 Toyota Corolla Cross
2022 Toyota Corolla CrossPhotographer: Christopher Dilts/Bloomberg

Toyota Motor Corp. may be splashing out around $35 billion globally on its battery-electric-car push but in Latin America, electric vehicles will only comprise about 5% of the region’s total market by 2030, the Japanese automaker’s president and chief executive officer for Latin America and the Caribbean said.

A lack of government guidelines is part of the reason for the slow EV adoption, Masahiro Inoue said, noting that while he has plans on his desk for 2030, authorities in Brazil, where Toyota sells most of its cars in the region, haven’t outlined a clear transport decarbonization road map.