Adam Jonas,Head of Global Auto & Shared Mobility Research at Morgan Stanley, felt that he owed Toyota an apology and, with that admission, clearly suggesting that Toyota may have been right all along about electrification. For the longest time, Jonas wasn’t a fan of Toyota’s hedging hybrid strategy, with the Morgan Stanley analyst better known for his close attention to Tesla and his bullish views on full electrification. But while that apology wasn’t an assessment that EVs had effectively failed, it recognized that Toyota had judged the pace of any transition more accurately than others.
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