Summary
– Toyota Motor North America reported a 9% increase in second-quarter vehicle sales, totaling 621,549 units
– The group’s electrified vehicle sales in Q2 2024 were up by 63% year-over-year, representing nearly 40% of total volume
– Plug-in electric cars, including EVs and PHEVs, were the fastest-growing segment in Toyota’s sales breakout, with a 112% increase from the previous year
– All-electric car sales saw a significant increase, with 1.9% of all Toyota Motor North America sales being all-electric
– Top models contributing to the sales growth were the plug-in hybrid Toyota RAV4 Prime and the all-electric Toyota bZ4X and Lexus RZ
Article
**Toyota’s Strong Second Quarter Sales Growth**
In the second quarter of 2024, Toyota Motor North America saw a significant increase in vehicle sales, reaching a total of 621,549 units—a 9% year-over-year increase. This growth was largely driven by the surge in electrified vehicle sales. Toyota currently offers 29 electrified models, including hybrids, plug-in hybrids, EVs, and a fuel-cell electric vehicle, representing nearly 40% of the group’s total volume. In Q2, Toyota sold 247,347 electrified vehicles, marking a 63% year-over-year increase.
**Focus on Plug-In Hybrid Vehicles**
One of the fastest-growing segments in Toyota’s sales breakout is plug-in vehicles, including both EVs and PHEVs. In Q2 2024, the Toyota group sold 24,266 plug-in electric cars, a 112% increase from the previous year. This category represented 3.9% of the company’s total volume, up from 2.0% a year ago. The Toyota brand saw 17,589 plug-in sales, while Lexus tripled its volume to 6,677. The group’s all-electric car sales increased by 301% year-over-year to 11,607 units.
**Significant Increase in Plug-In Vehicle Sales**
Overall, Toyota’s plug-in vehicle sales have doubled in the first half of 2024 compared to the same period in 2023. Rechargeable cars now represent 3.5% of the overall sales volume, up from 2.0% the previous year. All-electric car sales have seen a significant increase, surpassing the total sales from the previous year. The Toyota group sold a total of 42,098 plug-ins in the first half of 2024, consisting of both BEVs and PHEVs.
**Model Highlights and Sales Performance**
In terms of models, the top performer in Q2 was the plug-in hybrid RAV4 Prime, with 9,307 units sold. The notable increase came from the all-electric duo—the Toyota bZ4X and Lexus RZ—combined, accounting for 11,607 sales. This surge was made possible by attractive lease deals that helped move a substantial number of units. Toyota’s heavy incentive scheme allowed for nearly 5,000 bZ4X units to be sold in April alone.
**Impressive Sales Figures and Growth Potential**
So far in 2024, Toyota has already surpassed the total sales of bZ4X and the Lexus RZ from the previous year. The company’s focus on expanding its EV lineup is evident, with a push towards increasing all-electric car sales. Notably, the plug-in hybrid Toyota RAV4 Prime also saw strong sales performance, setting a record with 17,074 units sold in the first half of 2024. Toyota’s commitment to electrified vehicles shows potential for further growth in the coming years.
**Looking Ahead: Toyota’s EV Strategy**
With a strong performance in electrified vehicle sales and a growing focus on EVs, Toyota’s strategy going forward will likely involve further expanding its lineup of electric models. The success of models like the bZ4X and RAV4 Prime indicates a promising outlook for the company’s EV sales. By continuing to offer competitive lease deals and incentives, Toyota is positioned to further solidify its presence in the electric vehicle market and meet the increasing demand for environmentally friendly transportation options.
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