Toyota makes its case at AGM after investors question strategy, governance

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.