In the business world, one of the main focal points is attaining first-to-market advantage. Nobody talks about the benefits of entering the market in second place. However, for legacy automotive giant Toyota (NYSE:TM), not being first may end up being a fortuitous move. With the EV sector suffering an implosion, the automaker looks wise, if not prescient. Thus, I am bullish on Toyota stock as it carefully approaches the EV market.
TM Stock Rises as EVs Attack Each Other
Toyota executives probably couldn’t imagine a better scenario playing out. While its major competitors have made a concerted push into electrification, Toyota has been slow to the transition. In fact, the company’s former CEO went so far as to state that a silent majority of automakers had doubts about pursuing an EV-only approach.
Now, the Japanese automaker’s lethargy is being handsomely rewarded. The legacy…
