Toyota Motor Corp President Akio Toyoda said California's new zero-emission requirements that seek to end sales of new gasoline-only vehicles by 2035 will be "difficult" to meet. "Realistically speaking, it seems rather difficult to really achieve them," Toyoda said on Thursday through a translator during a roundtable interview with reporters. Toyoda, who has led the company since 2009, defended Toyota's strategy and electric vehicle development plans, which have been criticized by some environmental groups and investors who want the company to move faster to adopt battery electric vehicles (BEVs).
General Motors (NYSE: GM)-owned Cruise is launching its autonomous ride sharing service in Phoenix, Arizona and Austin, Texas by the end of 2023, tripling the number of cities where it will have commercial operations.
Shares of automotive stocks were tumbling today as the broader market fell on concerns of near-record inflation and a stronger-than-expected labor market. Investors are concerned that persistent inflation and a strong labor market will encourage the Federal Reserve to continue hiking interest rates, which could end up slowing the economy down too much. As a result, Ford (NYSE: F) fell 5.4%, Lucid Group (NASDAQ: LCID) slid 6.3%, and General Motors (NYSE: GM) tumbled 5.7% as of 11:43 a.m. ET.