Worldwide EV sales have more than tripled in the last two years, with more than 10 million units to be sold by 2022. However, Toyota sold only 24,000 EVs last year, compared to Tesla’s 1.3 million sales.
For the third year, Toyota is the world’s leading carmaker in profits and sales, with 10.4 million vehicles sold in 2022. Toyota’s market share in Europe is at an all-time high.
Toyota, in particular, is booming in China, where it sold a record 2 million cars last year. Despite sales of 3,844 electric vehicles (EVs) in the world’s largest market, the business is on track to break a new record in China.
But, new technologies are increasingly redefining the competition. Toyota is losing ground. This is especially true for electric vehicles.
Concerns about climate change are urging policymakers to push customers into EVs. However, compared to other competitors in the EVs sale track, Toyota has fallen behind, selling only 24,000 EVs last year.
As the worldwide leader, Toyota needs at least one EV that can outperform the competition. Yet, the company’s most heavily invested model was a letdown.
Vehicle consumers demand an easy-to-use and engaging entertainment system. On the other hand, Toyota’s EV entertainment and navigation software is among the least appealing.
“The goose that laid golden eggs” for Toyota is a hybrid engine. By 2030, the business expects hybrid engines to dominate the worldwide market. The corporation did not expect the surge in EV demand or Tesla’s tough rivalry.
@vietnamplus.vn
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Source: Vietnam Insider