It has been several years now since Elon Musk said it was time to move on from hybrids, with the Tesla (TSLA) CEO dismissing hybrid vehicles as merely a “phase.” Meanwhile, rival Toyota Motor (TM)doubled down – and today, hybrids are more popular than ever, while demand for pure electric vehicles (EVs) cools. As Toyota execs laugh all the way to the bank, the stock is a buy. Here’s what investors need to know. Hybrids vs. EVsThe Japanese carmaker doggedly poured billions into hybrid vehicles that combine battery power with traditional internal combustion engine (ICE) vehicles. This drew critic…