Toyota to focus more on hybrid models rather than EVs

For most Americans, purchasing PHEVs and EVs is expensive compared to their ICE or hybrid counterparts.

According to a media report, a corporate document has leaked online, which explains why Toyota is focusing more on selling hybrid vehicles rather than shifting to EVs and PHEVs like most of its competition.

In the document, Toyota states that sourcing materials for the batteries will increase drastically in the coming years, resulting in an increase in cost and difficulty to get hold of the materials. The automaker has stated that materials once sourced can be used to produce a lot more hybrids at affordable price points compared to EVs and PHEVs.

Toyota also mentions that there is still a long way to go before charging infrastructures in the USA can handle the proliferation of full EVs on the roads. Also, for most Americans, purchasing PHEVs and EVs is expensive compared to their ICE or hybrid counterparts. In recent times, after the Inflation Reduction Act eliminated a large chunk of EV/PHEV vehicles from tax credits, dealers have reported a reduced interest in EVs.

While Toyota still offers EV and PHEV models, the bZ4X being the first of many new-gen pure EV offerings, the company is known to take a cautious approach.

Reports state that while the future might be electric, car buyers currently want something in between.

Source: Jalopnik