Shareholders pressure Toyota to go electric
Toyota is getting pressure from shareholders to speed up its transition to electric cars and ensure greater transparency in its lobbying efforts.
As Reuters reports, a group of three asset managers who together hold $400 million worth of Toyota shares want Toyota to conduct a comprehensive, annual review of its climate-related lobbying.
“We’re concerned that Toyota is missing out on profits from soaring EV sales, jeopardising its valuable brand and cementing its global laggard status,” Anders Schelde of Danish pension fund AkademikerPension is quoted as saying.
Toyota’s board is urging its shareholders to vote against the proposal at its annual general meeting in June, according to Reuters. It said there are still many obstacles to the mass-market introduction of electric cars, such as insufficient supplies of clean energy in some countries. Hybrid and fuel cell vehicles are therefore also needed to achieve CO2 neutrality, he added.
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