Toyota announced that its 2021 'Rav4 hybrid' model will feature a plugin option for customers. The company made the announcement before the LA Auto Show, in order to drum up interest in the car that will soon be revealed. Releasing a plugin version for the car makes it easier for owners to charge the car. The company also announced that all of its 2020 cars would receive a warranty upgrade for the batteries of an extra 50,000 miles.
Hybrid and electric vehicles are drastically increasing in consumer demand. Toyota's choice to add a plugin option for its 2021 Rav4 hybrid shows that the company is marketing the car to environmentally conscious consumers. Additionally, the company's increase in its battery warranty will incentives consumers to buy more sustainable vehicles, as there is less risk involved with owning a hybrid car.
Image Credit: Toyota
Why This Trend Is Growing
- Increased Hybrid and Electric Vehicles Demand
- The consumer demand for hybrid and electric vehicles is increasing and creating an opportunity for car manufacturers to develop more sustainable vehicles.
- Expansion of Plug-in Hybrid Cars
- The introduction of hybrid cars with a plug-in option like Toyota's Rav4 hybrid provides an opportunity for car manufacturers to target environmentally-conscious consumers who are looking for more sustainable options.
- Battery Warranty Upgrade as a Sales Incentive
- Toyota's increase of battery warranty for its 2020 cars by an extra 50,000 miles creates an opportunity for car manufacturers to provide more value to their sustainable vehicles and to incentive consumers to buy hybrids or electric cars.
Industries Being Reshaped
- Automobile Manufacturing Industry
- The automobile manufacturing industry has an opportunity to expand its selection of environmentally-conscious or hybrid and electric vehicles, like Toyota's Rav4 hybrid.
- Battery Manufacturing Industry
- The battery manufacturing industry has an opportunity to develop higher quality and longer lasting batteries to meet the demand for sustainable vehicles.
- Electric Charging Infrastructure Industry
- As plug-in hybrid cars increase in popularity, the electric charging infrastructure industry has an opportunity to expand its network of charging stations to accommodate more drivers.
