Toyota was right – Global EV demand is tanking

Toyota was right – Lets chat about the global changes with EV production and sales of late. Go back a few years and almost every brand was sinking billions of dollars into EV development.

A few brands even as far as to state that in a few years they would be EV only. Others like Jaguar committed brand suicide by immediately stopping production of normal engines cars and going all in on EVs.

Well global EV demand has plateaued. Many brands are now saying they will keep going with normal Internal Combustion engines, alongside EVs. After losing billions of dollars in sunk costs.

In amongst all this sat Toyota. The largest car brand in the world. They openly stated that there approach will be to continue with hybrids and ICE cars  and cautiously approach EVs.

They were openly criticised for it. Many journalists, yes even many of my colleagues in Australia, questioned their sanity. A few mentioned that they would fall because of it.

Fast forward to today and Toyota’s decision appears as one of the smartest corporate moves ever.

They stated that the future shouldn’t be EVs only, that buyers should have a choice of car that suits their needs. And that Hybrid’s have more benefit for the global environment than EV’s do.

Their hybrid sales are  continuing to grow. They have a small but competent stable of EVs that have shared development costs. And their ICE vehicles are still in demand.

Toyota sat back and watched and are still in the lead.

This is a Motoring Minute

Im Rob Fraser

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