Toyota downgrades EV forecast in quest for record profits; quarterly net income nearly triples

Toyota FT-3e electric SUV concept — Toyota's FT-3e electric SUV concept is seen during the 2023 Japan Mobility Show in Tokyo. (REUTERS/REUTERS)

November 01, 2023 07:48 AM

TOKYO — Toyota is trimming its sales plan for battery-electric vehicles and leaning into hybrids to power the automaker’s sprint to record profits this fiscal year.

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