Toyota insisted that its current strategy, which favors hybrids over electric vehicles, is the best for the market conditions. Nevertheless, 2022 brings a brutal reality check for the Japanese carmaker, which posted disappointing results for the second quarter that ended on September 30 in Japan.
Toyota gained an eco-image from selling its hybrids like the Prius, but it tarnished it by going against the electrification trend. The Japanese carmaker not only resisted the EV revolution but actively tried to hamper efforts to accelerate EV adoption. As is usually the case, sometimes the market changes direction faster than some players might like to admit. In the case of Toyota, the writing was on the wall for a long time.
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