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.