Toyota announced a projected annual profit of $30 billion by March's end. This success is largely attributed to a pivotal choice.
The company opted for hybrid vehicles over a fully electric fleet. This strategy, as reported by Axios, likely fueled its fiscal year-end triumph. Toyota's shares surged by nearly 50% over the past year, outperforming electric vehicle (EV) makers.
EV manufacturers face declining demand, highlighted by Toyota's gains. Ford, for instance, slashed its electric F-150's price by $10,000 due to lackluster sales, with unsold models accumulating at dealerships.
Critics argue electric vehicles don't significantly benefit the environment. They point out that EVs still rely on electricity from traditional power plants and are frequently discarded after minor damage.
Public interest in electric vehicles is waning. Viral videos show long waits at charging stations, adding to consumer frustration.
General Motors reported a $1.7 billion loss in January, reflecting decreased enthusiasm for electric vehicles.
Toyota's decision to focus on hybrids, seen as more reliable and efficient, appears to have been vindicated.