I agree that Toyota is making lots of cash especially on its hybrids.
Until there is a good selection of BEV at the $20k price range, this will continue but that's coming (Tesla wise, I think this depends on the 4680 cell ramp and giga Mexico but we will see).
Ultimately, hybrids are just ICE vehicles which are comparable to good diesels efficiency wise, and both will likely be regulated out of existence. Lots of pledges already on this...
With respect to the Toyota margins over Telsa, that may well be true. However, one needs to remember that all of Tesla's cars are pure EVs while almost none of Toyota's vehicles are. When you compare the BEV offering from Toyota (including its hydrogen car), GM, Ford, etc... they aren't profitable.
'Tesla are going to struggle moving forward, yes they were innovators and really put "EV's" on the map, but their average-offering overpriced cars will find itself hard-pressed against BEV's coming from the other larger motor manufacturers who've been around 5+ times longer.'
I don't see that happening right now. Ford just announced a $4.5 billion loss on their EV division. Same story with Toyota, GM and VW, who are deflecting their lack of performance on 'market weakness' and 'customer resistance' as VW put it. The reality is that their EV's just can't compete.
The only real profitable competitor right now is BYD. It may all change, Toyota etc may lift their game and I don't mind either way, but I do think BEV is where everyone will end up and the longer they delay, the more difficult it will be to catch BYD and Tesla.
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