Toyota fell to 10th place from second last year in a ranking of automakers' ability to cope with future business risks, a Swiss business school said Tuesday, underscoring Toyota's slower shift to electric vehicles than its U.S. and Chinese rivals.
The annual ranking that measures "future readiness" for automakers was made based on such factors as innovation, business diversity and financial health, according to the International Institute for Management Development.
Toyota's fall comes at a time when a growing number of countries are tightening regulations on gasoline-powered vehicles. As demand for EVs rises as a viable option to reduce carbon footprint, competition to procure batteries and chips has also intensified.