© Reuters. FILE PHOTO: Toyota Motor Corp. incoming President and Chief Executive Koji Sato attends a news conference in Tokyo, Japan February 13, 2023. REUTERS/Issei Kato/File Photo
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TOKYO (Reuters) – Toyota Motor (NYSE:) shareholders gather on Wednesday for the Japanese automaker’s first annual general meeting (AGM) under new CEO Koji Sato, a day after the firm announced a roadmap for solid-state batteries and other electric vehicle (EV) tech.
The roadmap could help the world’s top-selling automaker make its case to investors at the meeting, where it also faces a shareholder resolution over its climate lobbying as well as questions about governance.
EV ROADMAP
Toyota aims to produce more efficient, faster-charging versions of current batteries to improve EV driving range and cost, and, within the decade, mass produce game-changing solid-state batteries after saying it had overcome a technical hurdle.
MANUFACTURING CHANGE
The carmaker said it would radically redesign manufacturing, having vehicles drive along the production line instead of being carried by conveyor. It will also employ a die-casting process that eliminates welding pioneered by EV leader Tesla (NASDAQ:).
GOVERNANCE
Two huge U.S. public pension funds voted against the re-election of Chairman Akio Toyoda, with proxy advisor Glass Lewis saying re-election threatened board independence. Toyota said its board meets Tokyo Stock Exchange standards.
CLIMATE LOBBYING
Three asset managers have urged Toyota to improve disclosure of climate change lobbying in a proposal backed by proxy advisor Institutional Shareholder Services. Toyota recommended voting otherwise, citing the fluidity of related factors.
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