Toyota's stubborn focus on hybrids over EVs is part of a broader challenge by the world's biggest automaker to the prevailing industry and regulatory orthodoxy.
Toyota's stubborn focus on hybrids over EVs is part of a broader challenge by the world's biggest automaker to the prevailing industry and regulatory orthodoxy.A Toyota EV car is seen at the Bangkok International Motor Show in Bangkok, Thailand. / Photo: Reuters
Toyota Chairman Akio Toyoda said in January that he believed the global share of EVs would top out at just 30%. The Japanese automaker instead touts a"multi-pathway" strategy that includes EVs along with hybrids, hydrogen fuel-cell vehicles, green fuels and, potentially, other technologies yet to emerge.
Many of the hybrid-only models will also likely come as a plug-in hybrid with a bigger battery, according to the two people, who declined to be named. Stripping out two EVs and a fuel-cell car on sale in North America, there are currently 31 other Toyota and Lexus models. Eight are already hybrid-only and eight are available in gasoline versions only.
Toyota has previously announced plans to invest $35 billion in new batteries and EV platforms by then. For most Toyota models, the decision to go hybrid-only is becoming a no-brainer for the automaker and its customers because the technology for a traditional hybrid now typically adds less than $2,000 to a car's retail price.
The hybrid sales surge has been a key factor driving its profit and stock price to all-time highs this year.
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