Toyota has never seemed all that excited about the shift to electrification, but the automaker is now openly stating that it will withhold future EV investments “until the very last moment” as it sees profits slide. The automaker expects its volume to recover in the coming months, but its full-year production totals will still fall way short of 2023’s delivery numbers.
Toyota Vice President Yoichi Miyazaki said the company would “hold off on HEV, PHEV, BEV, or FCEV” investments as it watches how demand plays out in the market. Its significant investments have so far been a drag on profits, though it is still working toward new EV technologies, such as solid-state batteries and alternate battery chemistries. Toyota also absorbed Toyota Battery, making it a wholly-owned subsidiary. The move will help it develop and build new battery types at scale.
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