Yahoo Finance

EV transition may take longer than Biden admin hopes: Toyota exec

As interest rates remain high and inflation weighs on the consumer, affordability is a top concern in the auto market. Consumers are still interested in gas and hybrid vehicles as many EVs are costly and carry concerns about limited battery range. Executive Vice President of Toyota Motor (TM) North America Jack Hollis spoke with Yahoo Finance Reporter Pras Subramanian about hybrids, affordability in the auto market, and the EV transition. Electric vehicles are just one piece of the challenge of electrification and carbon emissions reduction, Hollis says: "I think it's important to understand we need everybody to participate if we're going to really make a difference. If it's just EVs, if you look at it, it's only 8%. How much is that reducing when a majority of the people buying the EVs right now, are buying it as an extra vehicle in their fleet? There is a lot of pieces to this. That's why we think taking a little longer time to get to that goal will allow all of us to participate. " For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino