I own a Toyota Highlander. With the exception of fuel efficiency, it’s the best car I’ve ever owned (that distinction goes to the Hyundai Elantra I had for 10 years). I’ve driven cars of various makes and models from different manufacturers, and I just like this one the best.
The company was also the first outside of Tesla to compete in the electric car space with its all-electric hybrid Prius. They’ve since expanded. Climate activists have been urging us to switch to all-electric vehicles in the not-so-distant future.
Leftist investors want to remove the chairman of Toyota today, Akio Toyoda. They do this because he questions the Western progressive obsession of going electric by 2023. They want to punish dissent and groups who have invested in Toyota try to convince their members that they agree with their plan.
New York and California pension systems have already stated that they will do this. Just don’t use so many words.
The voting records of two of the biggest U.S. pension funds showed that they voted against the reelection of Toyota Motor Corp chairman Akio Toyoda. This puts the spotlight on the annual meeting of the automaker later this month.
According to posts by the funds, the California Public Employees’ Retirement System and the Office of the New York City Commissary also voted in favor of a resolution that urged Toyota to improve its disclosure of lobbying activities on climate change.
Last week, two leading proxy advisory firms raised concerns about the governance of the automaker. Glass Lewis recommended that shareholders vote against Toyoda’s re-election, citing his responsibility for a lack of an independent board.
Those complaints about “the lack of an independent board” were only superficial. The latest move to remove him is a reaction to his questioning of whether it was even possible or reasonable to try to achieve net zero carbon by 2030 with an all-EV strategy.
This sudden concern could be a pretext to punish Mr. Toyoda, who questioned the West’s fervent EV transition. In December, he made headlines when he said that a “silent minority” of the auto industry was “wondering whether EVs should be offered as a sole option.” They think that it is the current trend, so they cannot speak out.
Toyota promotes its plug-in and hybrid vehicles as an alternative to battery-powered EVs. The internal combustion engine in plug-in hybrids can be activated when the battery is low. This reduces anxiety about range. They are also more affordable than EVs.
Toyota sent a memo in April to dealers explaining the challenges of full electrification. Most public chargers, for example, can take 8-30 hours to recharge. By 2030, 1.2M chargers will be needed to meet federal targets for zero-emissions vehicles. This is equivalent to 400 new chargers every day. The U.S. hasn’t met this goal.
Toyoda’s company is right to make this point, and the left has no business trying to remove it. They are just using bullying tactics to force the company to follow their political line. We have to make the U.S. and the rest of the world go electric! The planet will be doomed if we don’t go all-electric in the next decade. The means to achieve this goal are barely developed and even less ready for mass implementation in the auto industry. Toyota also noted previously that to get the minerals needed to make this reality, it would take hundreds of mines to be developed and at least 10 years.
The question of affordability is also important. Most EVs are out of reach for most American families. Even though tax credits are available, few EVs in the current market qualify for them. Families must pay up front and then get money back during tax season. Who could afford it?
The left, however, is dogmatically committed to this idea and will do anything to destroy anyone who gets in their way – even the chairman of the largest and most successful automobile company in the world. Do not oppose this cult.