Toyota "misread" market for all-electric vehicles
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Toyota "misread" market for all-electric vehicles

Toyota "misread" market for all-electric vehicles

Toyota Motor Corp has scrapped plans for widespread sales of a new all-electric minicar, saying it had misread the market and the ability of still-emerging battery technology to meet consumer demands, Reuters has reported. Japan's top carmaker, which had already taken a more conservative view of the market for battery-powered cars than rivals General Motors Co and Nissan Motor Co, said it would only sell about 100 battery-powered eQ vehicles in the US and Japan in an extremely limited release. The automaker had announced plans to sell several thousand of the vehicles per year when it unveiled the eQ as an pure-electric variant of its iQ minicar in 2010. "The current capabilities of electric vehicles do not meet society's needs, whether it may be the distance the cars can run, or the costs, or how it takes a long time to charge," said Takeshi Uchiyamada, Toyota's vice chairman, who spearheaded Toyota's development of the Prius hybrid in the 1990s.

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