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people want electric cars, not hybrids.

Governments in all major regions are implementing mandates and incentives for electric vehicles

If people WANTED electric cars, the "mandates and incentives" would be unnecessary. There were no mandates for energy efficient LCD computer monitors. When the price dropped, they took over.

what happens if no one needs those other cards (machines)? Or, more importantly, if these cards are no longer available due to regulation?

Ah the regulations ARE more important. More's the pity.

If there is a way to make batteries with something other than Lithium and Cobalt, or if easily obtained large deposits are found, then Toyota might be temporarily behind, even as they continue to sell where they are ALLOWED to vend their highly desirable vehicles.

Maybe Toyota doesn't see the battery technology as mature enough. They ARE spending money on battery research. Sometimes it is NOT best to be first to the party. Apple was VERY late to the MP3 player game. There were dozens of different models. I had a nifty little SANDISK that allowed me to swap out SANDISK memory sticks with MP3s on them. Ingenious, simple little device, and it still kind of works. But Apple blew the doors open because they WAITED for the right technology and design. They did the same with phones, they were VERY late to the party. Back then, it was assumed that Nokia and Motorola would be duking it out. Toyota is smart, and thank God they don't rely mostly on the US and China for all their sales.

If people WANTED electric cars, the "mandates and incentives" would be unnecessary.

Ha! you noticed that too.

Maybe Toyota doesn't see the battery technology as mature enough. They ARE spending money on battery research.

"Rare earth minerals" are called that for a reason.