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Even though Toyota Motor Company will soon start selling their own versions of electric cars, Akio Toyoda, president of the company, isn’t thrilled with the EV rage and had two important points to make about electric vehicles (EVs).
The first point is that EVs are too expensive for most people to afford. His company’s marketing model is based on affordable cars, so he knows what he’s talking about. He called EVs “a flower on a high summit” that would not penetrate the market much further than they already have. EVs sold now in the US depend heavily on government subsidies. Tesla and other EV stocks are grossly overpriced since their likely earnings will never catch up. He doesn’t see the price of EVs coming down much since cost-cutting technology has already reached its limit for the standard EV. It would seem he sees promises of an EV for $25,000 as being empty.