has been in a minority resisting the clamor, spurred by political decree, that EVs must be adopted as the only possible option to curb automotive carbon dioxide. Toyota’s highly successful hybrids have allowed it to exploit the softening in EV demand, but in the long run Toyota will still have to improve its EV range, and its latest financial report shows it is gearing up to do just that.
Ford Europe at a Financial Times conference in London Tuesday said it was rethinking that plan and would sell ICE vehicles if the public wanted them. The plan for eventual 100% electrification though remained. As EV sales stumble in Europe, other early adopters may have to reconsider their decisions. Volvo has also been quick to end ICE production in favor of EVs. JLR’s Jaguar plans its rebirth next year solely on EVs.
CreditSights noted Toyota’s automotive operating margin increased 4.7 percentage points to 11.2% in fiscal 2024. Electrified vehicles, of which 95% were hybrids, accounted for 37% of Toyota’s vehicle sales in the financial year.
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