Toyota is the top company in global market share [1]. They are way more affected by global systemic issues than others. This means: * They can't retreat into a

Toyota is the top company in global market share [1]. They are way more affected by global systemic issues than others. This means: * They can't retreat into a niche * Their bread and butter is efficiency, accumulated through tears and scale effects through decades of experience. That's a pretty deep moat. All that is partially reset with an industry-wide change * Global copper, cobalt, lithium reserves (new deposits are found but with way lower grades, also it takes 15 years currently to set up a new mine) may be enough for the westernized world; but they are not for the whole world. This means effectively reducing the global market. In other words: they are against de-growth. But IMHO this will happen anyway with oil depletion looming in. [1] https://www.statista.com/statistics/316786/global-market-share-of-the-leading-automakers/ https://www.statista.com/statistics/316786/global-market-sha...