Toyota, a Hybrid Pioneer, Struggles to Master Electric Vehicles

Toyota pioneered hybrid cars but has been slow to sell all-electric vehicles, losing market share to Tesla and BYD.
Toyota remains highly profitable but its sales are down in the US and China due to lack of EV options.
Toyota has argued hybrids reduce emissions faster than EVs but must now play catch up as EV sales surpass hybrids.
The company plans 10 new EV models by 2026 but some analysts fear Toyota may struggle to catch up to Tesla and BYD's lead in EVs.
Japanese automakers face the biggest business challenge since becoming global giants in the 1980s due to rapid EV growth.

nytimes.com

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Posted 9/7/2023, 2:55:06 PM