The chairman also pointed to Toyota’s recent announcement that it was working on a new combustion engine, saying it was important to give engine factory workers a role in the green transition.
However, he speculated that banks may soon stop lending money to companies that continue to build fossil-fuel powered engines.
Touted for years by Toyoda, the “multi-pathway approach” argues that customers should be able to pick whatever car type fits their needs and that the shift to EVs will not be as rapid as some have predicted.
In recent weeks, that strategy has been partially vindicated after Toyota revealed it had produced a record 9.2m vehicles in 2023 with one month of the year still to go. The annual total is expected to exceed 10m.
At the same time, sales for January to November increased 7pc to 10.2m vehicles.
Koji Sato, the car maker’s chief executive, last year promised Toyota would sell 1.5m battery EVs a year by 2026, and 3.5m by 2030.
Tesla, the world’s biggest EV producer on an annual basis, reported 1.8m deliveries last year.
Mr Toyoda’s remarks come after electric car sales in both the UK and Europe slowed towards the end of 2023.
Overall, the Society of Motor Manufacturers and Traders said the UK market share of electric cars went into reverse last year as consumers baulked at high prices and a lack of charge points.