Toyota's hybrid strategy still offers some advantages, yet challenges in its primary markets—North America and China—are pulling the company down amidst increased competition.
Despite a strong start to the year for Toyota, with its stock remaining more resilient than others in the sector, recent declines in US and China sales are concerning.
Toyota reported a significant drop in North American sales by 20% in September, emphasizing the growing impact of EV sales on its traditional hybrid strategy.
In China, Toyota's production fell by 17% due to strong competition from local manufacturers like BYD, which hampers its growth in one of its biggest markets.
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