Hybrid cars have made an unexpectedly dramatic comeback around the world. Toyota Motor’s nearly 80 per cent profit increase in the latest quarter reflects that shift in the global car market.
But the Japanese carmaker’s forecast of a significant fall in operating profit for the current financial year tells the true story: it is still playing catch-up on battery electric vehicles.
Toyota’s conservative strategy — in which it has held on to hybrids and plug-in hybrids as an important part of its portfolio as well as offering battery EVs — has been criticised in the rapid shift to electric cars.
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