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Toyota gets a new helm

Europen April 1stAfter nearly 14 years as Toyota boss, Akio Toyoda has handed over the reins to his successor. Sato Koji, the former chief engineer of the Japanese automaker’s premium brand Lexus, has his job done. Toyota continues to produce more cars than any other company. Its market capitalization is almost three times that of its closest rival, Volkswagen AG, in terms of volume. But battery electric vehicles are late to the party as bets are made that hydrogen is the answer to zero-emissions driving. Meanwhile, companies like Tesla have flourished, spawning more electric vehicle startups. Other established automakers, including Volkswagen AG, have stepped up their pace of electrification. All of which leaves Toyota in the dust. Its total battery in 2022-electric car Sales rank 24th in the industry.

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