The great EV reckoning is well underway. Automakers that sprinted toward all-electric lineups — spurred by regulatory pressure and Tesla’s early momentum — are quietly walking back their timelines, trimming EV investments, and rediscovering the humble hybrid. Meanwhile, one automaker never flinched: Toyota. While rivals were making sweeping changes to their EV plans, Toyota kept its foot planted on a more measured path, betting that the mass market would come to hybrids before it came to full electrification. That bet is looking shrewder by the month.
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