A recent Reuters report states that to better compete in a booming sector it has been slow to enter, Toyota (NYSE: TM) has temporarily halted the $38 billion electric vehicle (EV) rollout that it had previously announced in order to reconsider its long-term electrification strategy.
As I previously noted, the industry's swiftly accelerating move away from internal combustion engines hasn't won over President Akio Toyoda.
Currently, the company holds the top spot in the world for manufacturing gas-electric hybrids. In the third quarter, Toyota sold almost 100,000 hybrids. Half of all hybrid vehicles sold in the United States in 2022 are a Toyota. With that sort of market share, it's little wonder that Toyoda remains among the fiercest opponents of pure battery electric technology. Earlier this month, he told reporters that battery electric vehicles "are just going to take longer than the media would like us to believe."
Source Fool.com