Comment Re:A proper use for hydrogen (Score 1) 168
For Toyota, it was worse than a distraction. The last family CEO, Akio Toyoda, put at serious risk Toyota's position as one of the biggest car manufacturers in the world with his insistence on hydrogen ICE and further hybrid development over BEVs. Toyota was responsible for proving that hybrids were workable and that batteries could be a critical part of a car, but he was willing to throw that away that tech and position lead because he was still stuck on ICE vehicles. Toyota is years behind its primary competitors on BEV development and production. For example, it sold only a few hundred in 2021 and 25,000 in 2022 across all makes and models; the Chevy Bolt line alone has had sales near or above that level since 2017, and the numbers have been consistently going up since a low in 2019, with 2023 tripling 2019's numbers to around 50,000, and that's just one line. It was reported in 2022 that Toyota was scrambling to line up battery production for 2024 or 2025, having trouble doing so because so many other manufacturers had locked in multi-year deals, and Toyota was having to pay a premium to get even limited allocations.
Toyoda stepped down as CEO in April 2023, taking up the role of chairman of the board. In June, a number of shareholders made it clear that they weren't happy with the direction and speed of the company. While the entire slate for the board was overwhelmingly approved, Toyoda received less than 85% of the vote. While he still clearly won, the fact that as chair he got seven points less than the next (and 10+ points fewer than the rest) doesn't look good for him. In 2022, he got 95% of the vote as an ordinary board member and the chair that year got 91%. Several major shareholders explicitly said that the company's failure to pursue BEVs with the same vigor as its competition was the reason they voted no for him this year.