My interpretation was based on actual statements which included:

"While some other automakers, notably Nissan and Mitsubishi have been extremely bullish on electric vehicles, ..."

"The company [Toyota] does however have a position on hydrogen and expects that to be the best long-term solution to full function vehicles."

and

"Despite the company’s efforts on battery and fuel cell vehicles, Carter feels that the internal combustion engine and hybrid drive will remain an important part of the lineup for many years to come. Toyota is continuing to expand it hybrid offerings and will add plug-in hybrids."

Toyota is correct in pointing out the limitations of batteries. But lets also acknowledge that Toyota as clearly stated that in the long term, intracity vehicles will be battery powered ant intercity vehicles will be fuel cell powered.