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David Fickling

Toyota May Be Losing the Future

Expensive innovation is vital, if only as insurance.

Ensuring a smooth ride is all very well, but drivers need to be thinking about their destination if they hope to get anywhere. That's a lesson Toyota Motor Corp. needs to learn before its rivals start to overtake.

Shares of the world's biggest carmaker fell the most in three months Tuesday after third-quarter results released after the previous day's close.