Toyota acquired a diverse range of vehicles last month. Pure EV gross sales surged 127% in November, but still made up a mere 1% of Toyota’s overall volume.
Despite being a pioneer in hybrid technology, Toyota has lagged behind the industry’s rapid transition towards fully electric vehicles.
The Japanese automaker has consistently lobbied against more stringent emissions regulations over the years. Pioneering the development of hybrid technology with the introduction of the iconic first-generation Prius in 1997, Toyota has consistently remained at the forefront of innovation, refusing to merely follow trends as it continues to push the boundaries of what is possible.
Following a prolonged tenure as Toyota’s leader, CEO Akio Toyoda relinquished his position at the start of the year, prompting speculation that the company would experience a turnaround under new leadership.
Despite the appointment of Koji Sato as Toyota’s new CEO in April, the company’s environmental efforts remain largely unchanged. Despite the prevailing trend of many governments embracing an all-electric future, Toyota remains committed to advancing its hybrid technology, complemented by a portfolio that includes electric vehicles, hybrids, and plug-in hybrids.
As a result of this trend, the automaker is experiencing significant declines in sales in key markets such as Thailand and Latin America. Despite a 127% surge in electric vehicle (EV) gross sales in November, battery-electric vehicles (BEVs) still make up just 1% of Toyota’s total output.
Toyota’s electric vehicle (EV) sales surged in November, yet hybrids remained the top-selling powertrain.
In November, Toyota and its luxury brand Lexus purchased a significant 9,406 electric vehicles, representing a substantial 126.8% year-over-year increase. The automaker has reported a significant surge in electric vehicle sales, with 95,220 units sold globally during the first 11 months of the year, representing a remarkable 413% year-over-year increase.
Electronics vehicle (EV) gross sales in Japan trail those of global markets. In November, Toyota purchased just 186 electric vehicles within its home market, a stark contrast to the global total of 9,220. Meanwhile, hybrid vehicles continue to dominate a significant portion of Toyota’s overall production.
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In November, Toyota purchased 322,463 hybrid vehicles, pushing its total sales for 2023 to a remarkable 3.1 million units. The quantity has surged by nearly 30% compared to last year’s corresponding period.
Gross sales soared to a record-breaking $905,066, eclipsing previous totals. Toyota has acquired a remarkable 9.3 million vehicles so far this year.
Toyota attributes its growth to a surge in demand for hybrid models, particularly the RAV4 and Corolla, which have been well-received in North America and Europe. As the automotive industry continues to evolve, Toyota must remain vigilant in its efforts to retain its position as the world’s leading car manufacturer.
Electrek’s Take
Despite achieving a brand-new record for sales in November, global electric vehicle (EV) sales also reached an all-time high. Electric vehicle (EV) market leaders such as Tesla and BYD continue to gain significant share in major global markets.
According to recent forecasts, Tesla’s Model Y is poised to surpass the Toyota Corolla as the world’s top-selling vehicle, whether electric or gasoline-powered. As the automotive industry continues to grapple with tightening emissions regulations and shifting consumer preferences, Toyota has leveraged its hybrid technology as a cornerstone of its sustainability strategy. With a portfolio that spans more than 50 hybrid models worldwide, the Japanese automaker is poised to rely heavily on these eco-friendly vehicles for the foreseeable future. As electric vehicle demand surges forward, gross sales are poised to rise steadily, fueled by the introduction of innovative models and rapid growth in charging infrastructure development.
Despite unfavorable headlines, analysis from exhibits shows no indication of an electric vehicle slowdown.
Global passenger electric vehicle (EV) gross sales are expected to reach 14 million this year, a 36 percent increase from last year. In the US, gross sales are surging at an accelerating pace, with a projected 50% growth rate expected for 2023 alone.
As some major players in the automotive industry, such as Ford and General Motors, reinvigorate their electric vehicle (EV) efforts, others like Hyundai and Volvo are further solidifying their commitment to this space.
Corporations anticipate a surge in electric vehicle demand as stylish options like Volvo’s EX30, priced from $35,000, hit the market.
