07:35 AM EDT, 10/10/2024 (MT Newswires) -- Toyota Motor's ( TM ) chairman, Akio Toyoda, said Thursday that a future shift to purely electric vehicles would result in job losses for those working on engine-related technologies, Reuters reported.

"There are 5.5 million people involved in the automotive industry in Japan. Among them are those who have been doing engine-related (work) for a long time," the reported quoted Toyoda as telling reporters at the unveiling of a bust of his father and former Toyota chairman, Shoichiro Toyoda.

Toyoda said that if engine vehicles were to be phased out, those workers would lose their jobs, Reuters reported.

Earlier this year, Toyoda said EVs would account for 30% of the global vehicle market, with the remainder made up of hybrids, hydrogen fuel-cell, and fuel-burning vehicles, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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