Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Toyota heads into AGM under pressure from pension funds over climate

Toyota heads into AGM under pressure from pension funds over climate

Toyota Motor Corp (7203.T) heads into its annual general meeting on Wednesday under fire from New York City and Danish pension funds over its commitment to battery vehicles and lobbying on climate policy.

Once a darling of environmentalists for the hybrid Prius model it popularised more than two decades ago, the Japanese automaker has more recently drawn criticism from green investors who say it has been slow to embrace battery vehicles.

They also say its lobbying activities work to undermine the transition to battery electric vehicles. Energy and climate think-tank InfluenceMap has rated it the worst among major automakers for its lobbying record on climate policy, which includes public statements and interaction with governments.

"We are extremely concerned that Toyota's lobbying activities are misaligned with its climate goals and its electric vehicle strategy," New York City Comptroller Brad Lander said in a statement ahead of the shareholder meeting.

Lander oversees a pension system with $253 billion in assets under management, including around $140 million worth of Toyota shares.

"Toyota's approach puts it at a competitive disadvantage compared to its peers, which have shown a far greater commitment to transitioning to battery electric vehicles," he said.

Toyota last year committed 8 trillion yen ($60 billion) to electrify its cars by 2030, with half of that slated to develop battery electric vehicles. Still, it expects annual sales of such cars to reach only 3.5 million vehicles by the end of the decade, or around a third of current sales.

It says hybrids make sense in markets where infrastructure isn't ready to support a faster move to battery vehicles.

In a statement, Toyota said national governments and policies play a crucial role in realising carbon neutrality by 2050 and promoting electrified vehicles (EVs) globally, and that it was committed to ensuring national policies, societal needs, technological advances, and customer needs all pointed in the same direction to the greatest extent possible.

LEFT BEHIND


"Toyota says that there's going to be a need for a range of technologies into the future and their lobbying is directly trying to create a world where this is the case," said Ben Youriev of InfluenceMap, the think tank.

Toyota last year declined to join a pledge signed by six major carmakers, including General Motors Co (GM.N) and Ford Motor Co (F.N), to phase out fossil fuel cars by 2040, saying not all parts of the world would be ready to transition by then.

It drew scrutiny in 2019 when it sided with then U.S. President Donald Trump's efforts to bar California from setting its own fuel efficiency rules. It later dropped that support.

Some 100,000 people have signed an online petition against Toyota's lobbying.

Danish pension fund AkademikerPension has submitted questions for the shareholder meeting asking Toyota to refrain from public statements and government lobbying that would undermine the shift toward full electrification.

"What we fear is that Toyota is getting left behind with their current EV targets that are not as ambitious as most of their competitors and that their lobbying activities are also a growing source of risk," Anders Schelde, the fund's chief investment officer, told Reuters.

AkademikerPension has $19.3 billion in assets under management and has been selling down its stake in Toyota. It holds 17 million Danish crowns ($2.4 million) worth of shares, down around 85% from a year earlier.

($1 = 134.5100 yen)

($1 = 7.1246 Danish crowns)

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Munich Airport Reopens After Second Drone Shutdown
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
×