According to recent data, Toyota’s electric vehicle (EV) sales have witnessed a significant 9% increase in the first quarter of 2024, despite the relatively modest figure of only 1,897 Toyota EVs delivered in the US market during this period. Toyota accounted for just a tiny portion of its overall 486,000 total U.S. sales in the first quarter.
Toyota’s US Electric Vehicle Sales Trail Behind Rivals in Q1?
Following a shaky start with its inaugural all-electric vehicle, the bZ4X, Toyota lags further behind competitors in the US electric vehicle market.
Toyota sold 827 BZ4X models in the US last month, with a total of 1,897 units sold through Q1 2024. Although Toyota’s sales of the RAV4 Prime have surged by 9%, now reaching 1,847 units, the electric vehicle still accounts for a mere 0.4% of the company’s overall US sales volume.
The automaker delivered 486,627 vehicles within the US during Q1, representing an 18 percent increase from the previous year. Toyota, in collaboration with its luxury brand Lexus, sold a total of 565,098 vehicles in the United States during the first quarter.
To date, only 1,603 Lexus RZ EV models have been offered, yet Toyota’s (including Lexus) US electric vehicle sales account for less than 0.6% of its overall production.
Toyota’s electrified vehicle sales, including hybrids, surged a remarkable 61 per cent in March, accounting for 36.4 per cent of total sales volume.
In the initial three months, revenue surged to 206,850, a remarkable 74% year-over-year increase, equating to approximately 36.6% of total sales volume.
While US automakers Ford and General Motors have each scaled back their electric vehicle (EV) initiatives, opting instead to utilize hybrids as a “bridge” to all-electric cars, Toyota has been the most vocal in its skepticism regarding the adoption of EVs.
Despite the excitement surrounding its future electric vehicle (EV) and battery technology initiatives, the automaker’s rollout of these innovations is still several years away.
Electrek’s Take
As Toyota lags further behind in the electric vehicle (EV) market, concerns grow about its commitment to sustainability and innovation. Despite electric vehicles (EVs) making up less than 1% of Toyota’s total Q1 production, the company lags significantly behind its peers.
Today, numerous automotive manufacturers have achieved significant milestones, with some boasting double-digit or even 100 percent electric vehicle (EV) gross sales figures. South Korean automakers Hyundai and Kia kicked off the year in strong fashion, shattering quarterly electric vehicle sales records as their battery-powered offerings proved increasingly popular abroad.
In its inaugural quarter, Hyundai delivered an impressive 6,822 units of the IONIQ 5 model, setting a new sales record. Meanwhile, Hyundai’s Ioniq 6 has recorded a notable 3,646 units sold globally during its debut quarter (Q1).
South Korean automaker Kia experienced a significant 151% increase in electric vehicle (EV) gross sales last month, thanks to the popularity of its newly launched EV9 model. During the initial three-month period of the year, Kia sold more than 4,000 units of its three-row electric SUV, while Kia EV6 sales also exceeded 4,000 in Q1.
Despite preparing to shut down its Regular, Illinois plant for upgrades aimed at cutting costs and boosting production capacity, electric vehicle (EV) startup Rivian managed to deliver a robust 13,588 vehicles in the fourth quarter.
In its most recent quarter, Tesla surpassed market predictions by delivering 386,810 vehicles, with 369,783 of those being Model 3 and Model Y units.
As Toyota’s hybrid technology gains popularity, it may ultimately prove a double-edged sword, as rivals like Tesla, Rivian, Hyundai, Kia, and Volvo seek to capitalize on its success and erode the company’s market dominance.
Can Toyota’s 2024 bZ4X, unveiled earlier this year, really hold its own against the competition starting at $43,070 and boasting up to 252 miles of range?
What is the original text?
