Toyota does not - and as far as I can tell, has never - led the world in cutting-edge technology. They are a very conservative company. This does not mean they have missed the boat. Even their hybrids were not first-to-market. Toyota did not invent the hybrid ICE/electric car; they simply implemented it better than their competitors.
Around 10 years ago, direct injection was the new thing for ICE vehicles. It improved engine efficiency at the cost of extra complexity. Toyota initially refused to add direct injection to their engines. Automotive writers at the time believed Toyota was falling behind with its outdated engine technology. They believed other automakers would surpass Toyota's efficiency.
What actually happened was a line of bad engines for VW, GM, and Kia/Hyundai. They lost a considerable amount of money and reputation due to engine failures caused by carbon buildup in their direct injected engines. Meanwhile, Toyota eventually launched their own implementation of direct injection. It was a combination of both high-pressure direct injection and port injection. The engine ran in different modes depending on the load and operating temperature. This gave them the same efficiency gains (though several years later than their competition) while avoiding the common failure modes of other companies' engines.
Don't write off the sleeping giant. Maybe Toyota will lose its dominance, or maybe they'll show up late to the party having learned from everyone else's mistakes.