After over a decade of actively avoiding the growing battery electric vehicle sector, Japan is finally making forays into BEV production to deal with the threat posed by China’s behemoth EV industry. Toyota was one of the very first automakers to produce an alternative energy vehicle, the Prius, but the Japanese automaker stuck with the infamous hybrid over fully electric cars while other automakers were investing billions of dollars into BEV production.
This multi-pathway strategy will allow Toyota the flexibility it needs to serve the different needs of each market and remain a major player in the global automotive sector. American EV makers like Lucid Motors (NASDAQ: LCID) now have more competition to contend with in their bid to stake their claim on the…
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