The large number of hybrid vehicles, especially in the low $25k new segment (ex: Corolla Hybrid) are selling like hotcakes right now, even when EVs and other vehicles are having trouble today.
EVs are $5k, $6k, $9k+ lower priced in just the last few months across multiple brands. They're getting chewed up in terms of profits right now. Its why EV stocks (TSLA, RIVN and LCID) dropped so much in the past few months. The numbers are in and... they're ugly. EVs are doing poorly.
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> Hybrid sales rose much more quickly than EV sales last year, up 65% to more than 1.2 million, according to Cox Automotive. While Americans bought the same number of purely battery-powered EVs, that segment's growth was just 46% year-over-year.
> Shoppers in the market for a hybrid are also much more likely to pony up more cash for these cars.
So Hybrids are growing faster than Electrics. Furthermore, Hybrids are cheaper to make, and sell for higher prices. Its turning out to be an excellent business decision for Toyota.
In other words, The reason Toyota doesn’t have a successful EV line is due to Toyota not wanting to try because they bet on hydrogen early on instead of EVs
The Toyota Power-split device is a planetary-gearset connecting 2x electric motors/generators with 1x ICE engine.
But a regular ICE car needs 2x electric motor/generators *anyway*. #1 is called the starter (turns Lead-Acid battery pack into cranking force to start the engine), and #2 is called the alternator (turns engine RPMs into electricity to charge the battery pack). Then you need a gear-shifter to have the ICE car handle a variety of different speeds.
Change #1 and #2 to be bigger, stronger. Then make the effective-gear shifting a function of the relationship of #1 vs #2 RPMs, and you got a Toyota Power Split Device.
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Its so efficient and usable, that Ford has copied the design, as well as Stellanis's Chrysler Pacifica. As it turns out, a Hybrid barely has any more complexity over a regular ICE in practice.
Its just a *different* set of gears, but really not a big deal.
https://www.youtube.com/watch?v=jofycaXByTc
Over the last 25 years of Prius, the Hybrid / Power-split Device has rarely failed. Prius transmission / generator / starter is incredibly reliable. Its just gears.
All in all, the "complexity" of a Hybrid is roughly the same level of complexity as an automatic-transmission wet-clutch device.
Are they successful with their hybrid sales, yes, but had they invested in EVs then they would be successful in both EVs and Hybrids, selling both like hot cakes.
I’d say their bet on hybrids was the conservative safe one that did okay except one inconvenient thing no one has mentioned yet. Their bet wasn’t hybrids alone as the future of cars.
Their bet wasn’t on hybrids alone, their bet was on hybrids and hydrogen and it’s obvious the hydrogen cars are an unmitigated disaster.
Had their strategy been hybrids and EV instead of hybrids and hydrogen, they would have two hugely successful next gen car lineups. Instead they have one doing well and one that is a disaster going nowhere.
I mean honestly, imagine if they’d put even a fraction of their determination into EVs that they been focusing on the mirai. They’re so dedicated to making it happen that they’re nearly giving it away for free once the $15k of free fuel is factored in
Have Tesla pay Panasonic to drop cell prices, and Toyota can leverage their long-term relationship with Panasonic to get a same-price battery pack in the long run anyway.