Under Akio Toyoda's leadership, Toyota Motor Corp never quite took the electric path head-on like its peers and refrained from touting EVs as the future. Did he mess it up and leave the Japanese company on its back foot? Not quite. Toyoda, who's likely to stay active as chairman, may have just played a master stroke.
Nervous in the shadow of Tesla, global carmakers have hastily talked up massive investments and laid out electrification plans. They've released and recalled models while running into teething troubles even as EV profitability struggled. But Toyota focused on reducing emissions as its endgame. It said that clean cars will help "only when they come into widespread use." It took low-key but effective measures to do this, including working with suppliers and improving existing technology. Sadly, those don't get investors and analysts excited.
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