As Toyota prepares for its annual general meeting, it has come under attack from one of its largest shareholders.
The AkademikerPension fund went on the offensive and noted that Toyota must go “all-in” on electric vehicles.
The Japanese automaker was one of the pioneers of green technology with the launch of the Prius hybrid in 1997.
However, the company is now one of the fiercest guardians of petrol-hybrid technology.
Toyota is so defensive of their hybrids that they would stop investing in their United Kingdom factory if the government there banned its technology from selling.
AkademikerPension’s Chief Investment Officer had this to say about Toyota:
Toyota is jeopardizing its valuable brand by lobbying against much-needed climate related regulation of the auto industry. What is the science based argument for their position, which is what we expect from companies if they are going against most expert views on the role of battery electric vehicles and the required timeline for phaseout of fossil fuel cars. (via Financial Times)
The pension fund plans to question Toyota officials on if the company will take steps to reduce reputational risks. This includes refraining from lobbying efforts and public statements undermining the transition to EVs.
At least say, this meeting could be an interesting one, and the potential fallout from it is something to watch.