It looks like Toyota is still not getting the message: people want electric vehicles, not hybrids. Despite all the evidence pointing to the inevitable growth of EVs in the auto industry, Toyota insists on sticking with hybrids, claiming, “That’s our strategy, and we’re sticking to it.” Well, Toyota, you may end up being left behind as nearly every other automaker, nation, and organization is moving toward sustainable, fully-electric vehicles.
Electric vehicle market growth across the globe
Toyota is one of the few automakers left in the industry that has yet to realize what the future has in store. Electrek has been calling for the transition to EVs to happen much quicker than most have predicted, and so far, the EV adoption pace continues intensifying.
Few industries are experiencing the rapid growth that electric vehicles are garnering. In 2021, sales of electric vehicles doubled to a record 6.6 million, according to data from the International Energy Agency, claiming almost 10% of the market!
In comparison, nine years ago, only 120,000 EVs were sold globally. More than that is sold each week now, and the pace is only expected to accelerate from here.
The latest data shows the electric vehicle market was valued at $287 billion in 2021 and is expected to reach $1.3 trillion by 2028, growing at a CAGR (compound annual growth rate) of 24.3%.
Governments in all major regions are implementing EV mandates and incentives to promote fewer carbon emissions and protect the environment. For example, the US has a goal of 50% electric vehicle market share by 2030, while Europe has proposed an all-out ban on fossil fuel cars by 2035, much like California – and now New York – is doing. Despite this, Toyota is backing its hybrid strategy going forward.
Toyota dealership Source: Toyota
Toyota ranks last in decarbonization efforts
Even with all of this information, Toyota has been much slower to adapt and, for that reason, ranks last in its decarbonization efforts.
A recent study from Greenpeace found Toyota ranked last out of the top ten automakers after failing to generate even 1% of sales from zero-emission vehicles, not hybrids.
More importantly, the study found Toyota had the least developed supply chains to support a sustainable future. A climate campaigner from Greenpeace Japan even stated:
The time for hybrids, I think, has finished.
And they are right about that. Hybrids are only good as a bridge to fully-electric vehicles. In my opinion, they are inefficient and not optimized for either gas or electric. However, that being said, Toyota has been mass-producing hybrids since releasing the Prius in 1997.
Toyota sticking to its hybrid strategy despite calls for EVs
In an interview with reporters Thursday, Toyota’s CEO, Akio Toyoda, reiterated the automaker’s strategy to keep hybrids and fuel cell vehicles in its lineup, comparing the company to a department store.
The Japanese automaker’s leader also spoke on new zero-emission mandates and calls to end gas-powered vehicle sales, saying it would be “rather difficult” to achieve, stating:
Playing to win means playing with all the cards in the deck – not just a select few. So that’s our strategy and we’re sticking to it.
Fair enough, but what happens when nobody wants those other cards (cars)? Or, more importantly, if those cards are no longer an option due to regulation?
Toyota claims, “We don’t want to leave anyone behind,” yet they may end up being the ones left behind.
Electrek’s Take
It’s the same record on repeat out of Toyota. After growing to become the world’s largest automaker by offering hybrid technology, the company does not want to conform. They believe whole-heartedly in their hybrid strategy.
Meanwhile, technology has progressed significantly during this time, and companies like Tesla are proving the future is all-electric vehicles.
Tesla, exclusively selling EVs, claims the Model Y is on its way to generating the most revenue of any car this year, and will most likely be the top-selling vehicle overall next year.
Almost every other automaker you can think of, both new and legacy, is planning for an all-electric lineup. Will Toyota come around? As the industry (and the entire world) continues progressing toward a clean, sustainable future, Toyota may soon reconsider its hybrid strategy.
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The school bus experts at Thomas Built have just released the first all-electric, square-bodied Type D school bus in the company’s storied history – and they’ve given their new bus a friendly, pun-tastic name. Kids, meet Wattson!
Properly called the Saf-T-Liner eHDX2 Wattson, this latest transit-style Type D bus from North Carolina-based Thomas Built combines a flat front, high seating capacity, and superior driver visibility with clean, quiet, electric power from Cummins Accelera.
“Wattson represents our next step in electrification,” said TJ Reed, president and CEO of Daimler Truck Specialty Vehicles. “(Wattson) reflects our belief that the best electric solutions are the ones that feel familiar, fit within your fleet and are built to last. That’s what we’ve heard from our customers, and that’s what we’re delivering.”
And, because Wattson is based heavily on Thomas Built’s existing Type D body, schools’ preferred upfitting solutions should bolt right in. “We know electrification can feel like a big step,” continued Reed. “With Wattson, we’re making that step easier by giving districts a familiar Type D solution they already trust – now in electric.”
Wattson is available for order now, with first deliveries scheduled for early 2026. The bus is capable of 120 kW DC fast charging, and is V2G capable.
Here’s hoping all our kids’ schools have a chance to trade in their gross diesel school bus for something like Thomas Built’s Wattson sooner than later.
SOURCE | IMAGES: Thomas Built.
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Electric vehicles are known for plugging in – but one startup wants them to simply soak up the sun instead. Bako Motors is building compact electric cars and cargo vans with solar panels on the roof, letting them charge directly from sunlight and cut their dependence on wall sockets altogether.
It’s not an entirely novel idea. But unlike flashy startups like Aptera, Bako is approaching it with an actually commercially viable solution. And now the company is joining several other African-based EV makers hoping to help the continent leapfrog its way towards more sustainable transportation.
While most EVs still rely on grid charging – often from a fossil-fuel-heavy mix in Africa – Bako’s small vehicles can harvest free energy straight from the sky. According to founder and CEO Boubaker Siala, the roof-mounted solar cells can provide more than half of a vehicle’s daily energy needs. For its commercial model, the B-Van, that translates to about 50 km (31 mi) of solar-assisted driving per day, or roughly 17,000 km (10,500 mi) per year without ever plugging in.
Of course, drivers do still have the option of plugging into an EV charger to top up the battery more quickly, but soaking up extra sun all day may mean that many owners can get away with infrequent grid-charging stops.
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The B-Van can haul up to 400 kg (882 lb) of cargo and offers 100–300 km (62–186 mi) of total range, starting at around US $8,500. Its smaller sibling, the Bee, is a two-seat urban runabout with 70–120 km (44–75 mi) of range and a 44 km/h (27 mph) top speed, priced from US $6,200. A third model, the X-Van, is now on the drawing board with space for two passengers and extra cargo.
More than 40% of Bako’s parts are sourced locally – including the steel for the frame and lithium-iron-phosphate batteries – creating jobs while reducing import costs. A second, larger factory is set to open in 2026, boosting capacity to 8,000 vehicles per year for Africa, the Middle East, and Europe.
By combining affordability, local manufacturing, and solar charging, Bako Motors is carving out a niche that fits Africa’s climate and infrastructure realities. In a market where range anxiety and unreliable grids still hold many buyers back, these sun-sipping EVs might just be the independence-promoting solution that drivers need.
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Guests enjoy the Fortune Global Forum 2025 Gala Dinner on October 26, 2025 at Diriyah Gate, Riyadh, Saudi Arabia.
Cedric Ribeiro | Getty Images Entertainment | Getty Images
Mining executives have welcomed a sharp upswing in investor interest from the Middle East, as Gulf states seek to expand their critical mineral ambitions and take on established global players.
Critical minerals refer to a subset of materials considered essential to the energy transition. These resources, which tend to have a high risk of supply chain disruption, include metals such as copper, lithium, nickel, cobalt and rare earth elements.
“The interest in rare earths in this part of the world is phenomenal,” Tony Sage, CEO of U.S.-listed rare earths miner Critical Metals, said during a business trip through the Middle East.
“I didn’t expect it because, you know, they can’t mine it. There [are] really no discoveries in this area, but they want to be able to participate somehow in the downstream,” Sage told CNBC by telephone.
His comments come as policymakers and business leaders flock to Saudi Arabia’s Future Investment Initiative (FII) in Riyadh, an event nicknamed as the “Davos in the Desert.”
The annual event, which got underway on Monday, is being held under the theme: “The Key to Prosperity: Unlocking New Frontiers of Growth.” It is expected this year’s FII will lean into areas such as artificial intelligence, particularly as the oil-rich kingdom continues with its mission to diversify its economy.
A wheel loader takes ore to a crusher at the MP Materials rare earth mine in Mountain Pass, California, U.S. January 30, 2020.
Steve Marcus | Reuters
Analysts say Gulf states, led by the likes of Saudi Arabia and the UAE, are increasingly seeking to leverage their financial capital and geographic location to capture critical minerals market share.
A series of targeted acquisitions and international partnerships forms a key part of this regional strategy, according to an analysis by the International Institute for Strategic Studies (IISS), with Gulf states seeking to present themselves as alternative partners to Western nations.
Critical Metals, for its part, has partnered with Saudi Arabia’s Obeikan Group to build a large-scale lithium hydroxide processing plant in the kingdom.
A strategic push
Kevin Das, senior technical consultant at New Frontier Minerals, an Australian-based rare earths explorer, linked investor interest in rare earths from the Middle East to exponential growth in the field of AI.
“It’s no surprise that you’re seeing interest, not just in the Western world, but spreading into the Gulf States because I think people are realizing that we’re probably on the cusp of an AI boom,” Das told CNBC by telephone.
“If you start to see the emergence of robotics, every robot is going to need these rare earths. And I think the supply is only going to get tighter,” he added.
Rare earth elements have emerged as a key bargaining chip in the ongoing U.S.-China trade war, although global stocks rallied on Monday amid investor hopes of thawing tensions between the world’s two largest economies.
U.S. officials have touted the prospect of China delaying strict rare earth export controls as part of a high-stakes summit between President Donald Trump and China’s Xi Jinping on Thursday.
Rare earths refer to 17 elements on the periodic table whose atomic structure gives them special magnetic properties. These elements are widely used in the automotive, robotics and defense sectors.
U.S. President Donald Trump meets with Saudi Crown Prince Mohammed bin Salman during a “coffee ceremony” at the Saudi Royal Court on May 13, 2025, in Riyadh, Saudi Arabia.
Win Mcnamee | Getty Images News | Getty Images
Shaun Bunn, managing director at London-listed Empire Metals, said his company had also received considerable investor interest from the Middle East.
“I think that it is very much part of the kingdom’s strategic push to diversify away from its oil. I mean, they are always going to make the most money out of oil at the moment at least, but they are trying to diversify,” Bunn told CNBC by telephone.
Critical mineral ambitions
Analysts have flagged a number of barriers facing the Gulf states’ push for critical minerals, however, noting that regional players remain marginal producers at present.
“Many of Saudi Arabia’s mining ventures remain in early or even conceptual stages, and the country still depends on foreign partners for expertise, such that it may take years for Saudi Arabia, and the Gulf states more generally, to scale up enough to dent Chinese dominance or to fully meet Western demand,” Asna Wajid, research analyst at IISS, said in an analysis published in late July.
“Many in the West, moreover, may be wary of replacing their dependence on China with dependence on the Gulf states, which already exercise considerable strategic leverage due to their oil and gas supplies,” Wajid said.
China is the undisputed leader of the critical minerals supply chain, producing roughly 70% of the world’s supply of rare earths and processing almost 90%, which means it is importing these materials from other countries and processing them.
U.S. officials have previously warned that this dominance poses a strategic challenge amid the pivot to more sustainable energy sources.