In the last few years, seemingly every car company has begun investing heavily in electric vehicles. Ford said it would “lead America’s shift to EVs.” GM said it would invest $35 billion into EVs by 2035. And Volkswagen is dropping $193 billion on battery research. But not Toyota. Instead of pouring billions of dollars into electric vehicles, the company has been doubling down on hybrids. Some people think they’re making a grave mistake. But Toyota says it’s been part of its plan all along.
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