From Fortune:

Elon Musk’s Tesla had a rocky start in 2024, with Tesla shares dropping 24% and Musk losing his title as the world’s richest person to French tycoon Bernard Arnault.

This comes after Tesla’s fourth-quarter earnings warned of lower sales growth in 2024 despite price cuts made in 2023.

In contrast, Toyota’s focus on hybrids has paid off, with the company topping global car sales and seeing strong demand for its hybrid vehicles.

Toyota Chairman Akio Toyoda predicts that EV adoption will peak at 30% and states that Toyota is not anti-EV, but merely provides consumers with various powertrain options.

Despite Tesla’s surge in sales, hybrids continue to outperform EVs in the market, offering consumers a more comfortable choice for electrified vehicles.

Toyota’s emphasis on hybrids may prove to be a smart strategy for the time being, as the market for hybrids continues to grow faster than the market for EVs.



Read more: Toyota hybrids crushing it as Tesla woes hit Elon Musk