Toyota Q2 2023/24 results

In recent years Toyota has received a good deal of criticism from some quarters for perceived tardiness in its approach to the transition to electric vehicles (EVs). Although it can legitimately point to its substantial leadership in hybrid sales as having made a bigger contribution to reducing carbon emissions than sales of relatively few BEVs would have done, it is now deploying an increasing proportion of its development resources to EV technologies such as lower-cost lithium iron phosphate batteries for the near-term and solid state batteries for the longer term.

Meanwhile, as many of its competitors report significant losses for their EV divisions, Toyota’s current EV-light business model is generating substantial profits.

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