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Toyota, the originator of the hybrid car craze in the early 2000s, is poised to reclaim its crown as the king of green cars. This, paired with the success of Tesla and overall investor enthusiasm for EV technology, left Toyota looking like a laggard. AdvertisementDespite years of criticism, it appears that Toyota might have had the right idea after all. Shoppers in the market for a hybrid are also much more likely to pony up more cash for these cars. Toyota has spent the last several years releasing more hybrids and plug-in hybrids, while refusing to give up on the nascent hydrogen fuel cell technology that many of its competitors have largely abandoned.
Persons: Elon Musk's Tesla, Jeremy Korst, Korst, Akio Toyoda, Toyoda, Tesla, Toyota's, Mary Barra Organizations: Toyota, Business, EV, Elon, Ford, EV technology, Cox Automotive, Cox, Shoppers, Companies, GM Locations: Detroit, North America
A new crop of electric car shoppers is showing interest for plug-in hybrids. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This about-face for GM , which has loudly touted its commitment to an all-electric future, is a good sign for dealers and shoppers heading into this year. AdvertisementIt may also be the first domino to fall as demand for hybrid vehicles reaches new highs. More options are likely to ease some of this pricing pressure and open up the hybrid market to more shoppers.
Persons: , Mary Barra, Barra, Ford, Jeremy Korst Organizations: Service, GM, Dealers, GBK, Toyota, Tesla Locations: North America
"These are not the same kind of customers who created the initial EV market," GBK President Jeremy Korst told Business Insider in an interview. A new wave of EV shoppers is hitting the market, and the industry appears to be unprepared to meet their needs. Among the group of EV considerers surveyed, Toyota was the most considered brand, with 47% showing a preference for the Japanese automaker compared to 41% favoring Elon Musk's Tesla. Plug-in hybrids ranked very high on EV considerer's preference lists in GBK's study. GBK's study found that EV considerers are willing to pay $7,650 more on average for an EV than a gas-powered car with similar features.
Persons: , Jeremy Korst, they're, Korst, Tesla, Elon Musk's Tesla, GBK Organizations: Service, GBK, Business, EV, Toyota, EV considerers, Elon, Ford, considerers
Topo ChicoBottles of Topo Chico water. Tiffany Rose/Getty Images for GBK Brand BarTopo Chico became a nationally recognized brand after Coca-Cola acquired the company for $220 million in 2017. Its sparkling water got national distribution, and Coke rolled out a Topo Chico hard seltzer through a partnership with Molson Coors. But before all that, the brand was a favorite among consumers in Northern Mexico and, in the early 2000s, with Texans. The brand got its US start in Hispanic grocery stores, according to Gerardo Galván, a Topo Chico executive who helped with the brand's expansion.
Topo ChicoBottles of Topo Chico water. Tiffany Rose/Getty Images for GBK Brand BarTopo Chico became a nationally recognized brand after Coca-Cola acquired the company for $220 million in 2017. Its sparkling water got national distribution, and Coke rolled out a Topo Chico hard seltzer through a partnership with Molson Coors. But before all that, the brand was a favorite among consumers in Northern Mexico and, in the early 2000s, with Texans. The brand got its US start in Hispanic grocery stores, according to Gerardo Galván, a Topo Chico executive who helped with the brand's expansion.
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