Toyota, the company behind the hugely successful Prius hybrid, has admitted to Reuters that it has misread the market when it comes to electric only vehicles.
Toyota UK / CC BY-NC-ND 2.0
The Toyota eQ, an electric only version of its iQ mini-car, was launched in 2010 with plans to sell 1000s per year. Those plans have been cut to 100s for this year and plans for a second EV have been dropped.
“The current capabilities of electric vehicles do not meet society’s needs, whether it may be the distance the cars can run, or the costs, or how it takes a long time to charge,” said, Takeshi Uchiyamada, Toyota vice chairman and overseer of vehicle development.
However, Toyota continues to show confidence in hybrid technology with plans for 21 gas-electric models to be on-line by 2015. Of those, 14 will be completely new models.