I think they bet perfectly fine, if you ignore the silly hydrogen efforts. Toyota has never been a technological front runner. They take the Apple approach; wait for something to be truly ready for prime time, then execute it better than anyone else. EV's are still 2% of the US market. And it will be a decade more until a 60+kwH EV is being sold for <$30k total upfront price out the door, which is where they need to…
And it will be a decade more until a 60+kwH EV is being sold for “A decade more” seems way too pessimistic given current EV prices and battery capacities. The 2022 Bolt will have a starting price of $32k with a 65kWh battery, for example.
That's still a totally different class of car buyers. A "starting price" of $32k means no one is walking out the door with one under $40k total upfront cost. When I can walk into a dealership and finance something like that at $25k total loan amount, that changes everything.