Toyota is ramping up their hybrid production, in 2025 they will no longer offer a gas version of the Camry, nor the Sienna Van. I have been hearing that they are also thinking about moving away from the gas version of their popular Grand Highlander and only offer it as a hybrid. They are scaling back their plans to build EV's, down from a planned 1.5 million units to 1.0 million units to meet the demand for hybrids. Volvo and Ford are also scaling back future plans for EV vehicles.
Good, they need to keep pumping hybrids. That's their space, and EVs aren't, because Toyota EVs so far have been horrendous products. That said, they have been dumping a ton of money into battery research on the side, so I'll wait longer to pass further judgment. They're invested, just not committed yet, because that's what Toyota has always been forever. They cannot be any reference point of anything remotely cutting-edge. It's simply not what they do and never been what they've done. Millions of cars being made as BEVs is still a massive number that cannot be ignored, the future of it is here. A lot of rebalancing is occurring among brands to situate and differentiate each other's products.
Ford overextended needs right now and are right-sizing, but still committed. GM also fell into that category for a bit, but now they've swung back to converting into more EV options again. Volvo... frankly, I just don't care about, since they are a small, super-niche player in the auto market. Toyota is adding more hybrids. Honda wants to add more hybrids and EVs. Mazda (another small player) is adding more hybrids slowly. Subaru is adding more hybrids and EVs. Stellantis brands stuck out too long in going ICE-only and now the EV products they have are largely rushed trash. VW was adding more at one time, then swung back away, and now seems to be in limbo with their bigger brands. Most of these not named Toyota have minimal hybrids in play, so it's good to see this finally expanding the way it should have long ago.