The main reason for cancelling that Hilux conversion program is the flood of (mainly Chinese) EV utes that are about to be released to the world. Individually converting a brand new ICE vehicle is very inefficient compared to making a properly designed EV on a production line and the converted Hilux would have had no chance of competing in the market even for the deep pocketed miners and government departments. Toyota have even said that they will release an EV ute in 2025 but if Toyota are true to form it will only be a hybrid.
The definitive EV thread. No spin. No BS., page-491
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