Toyota drew criticism from activists for not introducing electric vehicles (EVs) as quickly as many of its major competitors, but the Japanese auto giant is currently in a better financial position than its U.S. opponents. It seems so.

Toyota is on track to post an expected net profit of more than $30 billion for the fiscal year ending in March, riding on a windfall from hybrid vehicle sales. More than a year has passed since then-CEO Akio Toyoda warned that the transition to EVs “will take longer.” That’s what the media wants us to believe.” according to To Fortune.While being a company I got angry Market experts told the Daily Caller News Foundation that the company's cautious approach has left environmentalists and activists reticent about EVs, given the large losses Toyota's competitors are suffering with their EV product lines. said that his opinion was justified.

Toyota Motor Corporation, including its subsidiaries, recorded an impressive figure of 2023. The company supplemented its profit forecast with the following: 6.6% increase Thanks in part to hybrid sales, the company sold approximately 15,000 pure EVs, 40,000 plug-in hybrids, and more than 600,000 non-rechargeable hybrids in the U.S. in 2023 compared to 2022. according to Go to InsideEV. (Related article: 'We're not ready for prime time': EV advocates continue to take road trips to prove their point, but it's not what they expected)

Buttigieg says he doesn't have to worry about gas prices if he buys an electric car…someone should remind him how out of line he is saying that. pic.twitter.com/tiJVkl7wB3

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The Biden administration is regulating and spending huge amounts of money to popularize EVs among American consumers. set goals If the Environmental Protection Agency (EPA)'s proposed tailpipe emissions standards are finalized, EVs will account for 50% of all new car sales by 2030, effectively making them sold after model year. Two-thirds of all new cars will be required to do so. It will become an EV in 2032. Despite these efforts, the EV market is struggling, as evidenced by slower-than-expected growth in consumer demand. report EV's pile up on the dealer's premises.

“In the automotive world, like almost everything else, there is no one-size-fits-all choice for consumers,” said Mark Mills, a renowned senior fellow and auto market expert at the Texas Public Policy Foundation, DCNF. told. .

Mills said overt and subtle pressures from the controlling state are the main reason U.S. manufacturers continue to grapple with significant increases in EV production; He added that obligations that seem far away are not that far away for automakers. The chain plan must be created several years before the final series of vehicles is manufactured and sold.

Ford, for example, has embraced the transition to EVs more easily under the Biden administration. The company previously had plans to be able to produce 300,000 EVs a year by 2023 and 2 million EVs a year by 2026, but both goals were delayed or missed. according to Go to NPR.

Additionally, Ford lost about $65,000 on every EV it sold in 2023, posting a $4.7 billion loss on its EV product line. according to See an overview of the company's 2023 financial performance. The company expects to lose between $5 billion and $5.5 billion on EV products this year. The company's net income in 2023 was $4.3 billion.

Ford plans to copy Toyota and lean more heavily into hybrid models in the near future. according to To Electrek. The company is also “slowing down” its roughly $12 billion investment in its EV business, as CFO John Lawler said.

Toyota appears to be doing better than competitors such as Ford. “Toyota is less swayed by central planners and political correctness than by consumers who want affordable, fuel-efficient cars with unlimited battery range and hours of driving time.” “Because they choose to do so, they can recharge and conveniently access extensive refueling infrastructure,” Marlo Lewis, a senior fellow at the Institute for Competitive Enterprise, told DCNF. “EV production cuts, Ford's multibillion-dollar EV losses, and a bulging inventory of unsold EVs on dealer lots are enough to justify Toyota's initial skepticism. , which delivered significant results in both sales and profits.”

Notably, Toyota was late to the EV market in the first place, deciding not to widely sell all-electric products until 2020, and Toyota spent years selling EVs before establishing an office dedicated to EVs. The company has fallen behind many competing companies that have been manufacturing and selling products. according to On the slate.

Ford isn't the only major U.S. manufacturer struggling with the relatively rapid adoption of EVs. General Motors, America's largest automaker, has scrapped its goal of producing 400,000 EVs by the middle of this year. The company fell short of its 2023 EV production target by about 50%, but Said The company expects EVs to start generating profits sometime in December 2023 and 2025.

Ford differs from General Motors in that it separates most of the financial information about its EV product line from the rest of the business, whereas other companies do not. Therefore, while it is difficult to gauge exactly how General Motors' EV products are performing compared to Ford's, General Motors' previously stated EV production commitments may be revisited. The fact that it is doing so suggests that General Motors may not be extremely confident in its ability to produce EVs. It can generate significant profits in the short term. Stellantis, the third largest manufacturer in the US, will launch its first EV in the US market during the first quarter of 2024.

Diana Furchtgott-Roth, director of the Heritage Foundation's Center for Energy, Climate and Environment, told DCNF that Toyota's cautious approach to the EV transition “definitely vindicates Toyota.” “We've seen a lot of evidence that Americans don't want to deploy this technology at the rate the government wants them to…Affordable transportation is a birthright of Americans, it's a symbol. Yes, and celebrated in American movies and American songs. Any attempt to interfere with something that is a birthright to Americans is completely repugnant to the diverse majority of people living in America. Thing.”

Roughly half of Americans have little or no interest in purchasing an EV for their next car purchase, while 13% have no plans to purchase any type of vehicle. according to From a July 2023 Pew Research poll. Approximately 38% of respondents said they have at least some interest in purchasing an EV as their next vehicle.

Fruchtgott-Roth told DCNF that traditional U.S. manufacturers are losing huge amounts of money on EVs because major companies typically don't voluntarily continue practices that cost them billions of dollars. He said that this fact was mainly due to the government's policies.

Toyota declined to comment on the matter. Ford and General Motors did not immediately respond to requests for comment.

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