Toyota changes strategy; adds more BEVs
It's been a long time coming but Toyota (TYO:7203) seems to have finally capitulated on its view that hybrids will beat pure BEVs. It announced in June that it was accelerating its plan by five years for 50% of its fleet to be electrified; a significant shift from its previously-stated strategy. This is important because pure BEVs carry a significantly larger battery (and hence use more raw materials) than a standard hybrid EV, be it plug-in or fuel-based. In an interesting strategic change, it's likely to have to tap Chinese battery makers (tier 2) because tier 1 battery makers are...