Elon Musk just suffered a $28 billion loss as Tesla suffered. According to Toyota, "people are coming up to reality" that adoption of EVs will be difficult.

Former CEO and chairman of Toyota Akio Toyoda has long been sceptical of the electric vehicle hype, which was a major factor in his decision to leave the company earlier this year. 

He may now at last say, "I told you so." After Elon Musk's Tesla revealed dismal third-quarter profits last week,

investors are beginning to understand that EVs are not a certain source of wealth. "Reality is now being seen by people," Toyoda stated on Wednesday. 

With the words "there are many ways to scale the mountain," Toyoda has long refuted the notion that the automobile industry can only become carbon neutral by using electric vehicles. 

The EV rollouts of other big automakers are likewise being slowed down. Lucid has reduced output by thirty percent,

As part of his bold plan to lower US carbon emissions and combat climate change, President Joe Biden has gambled heavily on electric cars throughout the majority of his time in office. 

However, the market for EVs remains shaky since consumer demand for EVs and conventional automobiles is weakened by high financing rates.

According to Jessica Caldwell, head of analytics at Edmunds, this is "preventing a lot of people from ever entering into the market," Fortune was informed.

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