Toyota champions hybrid vehicles as business boom contrasts the EV slowdown

As the phasing down of combustion engine vehicles continues, Toyota is storming ahead. Its multi-decade bet on hybrids is paying off as sales of new hybrids surge past expectations, leading to a very rosy outlook for Toyota’s full-year profits in 2024. Last year the world’s biggest car company sold a record 11.3 million vehicles to booming markets, especially in the US and Europe. Toyota’s CFO said yesterday that hybrid sales are up “in all…