Toyota's Lentz: Car Sales Stabilizing, EVs Languishing
Detroit January 15, 2019; Falling car sales are likely to stabilize at their current level of about 30 percent of the overall market, while automakers will struggle to find buyers for all the electric vehicles they plan to introduce over the next three years, says Jim Lentz, CEO of Toyota Motor North America.
Lentz said stable fuel prices and improved fuel economy from utility vehicles mean consumers no longer pay much of a fuel economy penalty for choosing a crossover. However, sedans and other cars will continue to have a significant share of the market.
Lentz also told the 2019 Automotive News World Congress that the company's 2017 move from California to Texas went about as well as possible. His advice to other companies plotting cross-country moves: "Take time, and make sure you take care of your people."
Lentz said Toyota retained 72 percent of its employees in the cross-country move, when most companies average a 75 percent loss of talent during similar periods.
To find out what else he had to say, click here.