Toyota Motor North America Reports 2023 U.S. Sales Results
- Increase of 6.6 percent in year-end 2023 U.S. sales
- 30 percent surge in electrified vehicle sales
- Projected to be the number one retail brand for the 12th consecutive year
- 26 electrified vehicle options available, the most among any automaker
- None.
Insights
Toyota's continued leadership in retail sales, particularly with its aggressive push in the electrified vehicle market, underscores a strategic positioning that is resonating with consumers. The reported 30 percent surge in electrified vehicle sales is indicative of a successful alignment with market trends towards sustainability and environmental consciousness. The increase in sales volume, both in the U.S. and globally, suggests that Toyota's diverse portfolio of 26 electrified vehicle options is effectively catering to a range of consumer preferences and budgets.
The substantial investments into U.S. manufacturing operations, nearly $16 billion since 2021, reflect a robust commitment to domestic production and supply chain enhancement. This strategy may serve to mitigate risks associated with global trade uncertainties and positions Toyota favorably within the U.S. market. The low incentive strategy adopted by Toyota, which contrasts with industry norms where manufacturers often rely on heavy incentives to boost sales, may indicate a strong brand loyalty and product quality that allows the company to maintain pricing power.
From a financial perspective, the growth in Toyota's U.S. sales, particularly the 25.5 percent increase in December and the overall 6.6 percent annual increase, could be a positive indicator for investors. The significant growth in the truck division, which typically carries higher margins, could positively impact the bottom line. Moreover, the consistent performance of models like the Camry and RAV4, leading their respective segments, suggests a stable revenue stream.
Toyota's low incentives approach suggests an effective cost management strategy that could lead to healthier profit margins compared to competitors who rely more heavily on discounts. The focus on electrified vehicles, which are becoming increasingly popular, may also provide a long-term growth avenue as global emission standards tighten and consumer preferences shift. Investors should monitor how Toyota's capital expenditures in electrification and digital retail platforms translate into increased market share and how this affects profitability in the face of rising competition in the electrified vehicle space.
Toyota's significant investment in electrified vehicles is a response to the growing demand for environmentally friendly transportation options, as well as the increasingly stringent emissions regulations worldwide. The company's strategy aligns with global environmental goals and positions it as a leader in the transition to a low-carbon economy. By offering the most extensive range of electrified vehicles among automakers, Toyota is not only expanding its market share but also contributing to the reduction of greenhouse gas emissions.
The move towards electrification can be seen as part of a broader industry shift, which is supported by government policies and incentives that encourage the adoption of clean energy vehicles. Toyota's performance in this area will be crucial as the automotive industry faces the dual challenges of meeting environmental targets and satisfying consumer demand for sustainable products.
- Toyota is projected to be the number one retail brand for the 12th consecutive year
- Electrified vehicle sales – battery, hybrids, plug-ins and fuel cells – surge 30 percent and make up nearly one-third of total sales volume
- 26 electrified vehicle options available, the most among any automaker with more in showrooms throughout 2024
The company reported
"Toyota's multi-pathway approach to electrification accelerated in 2023 with even more vehicle choices to meet our customer's lifestyle and budget," said Jack Hollis, executive vice president, Sales, TMNA. "Our teams are busy preparing for an outstanding 2024 to bring 22 new, refreshed or special edition vehicles to showrooms, including sedans and more electrified options to satisfy strong customer demand. By the end of 2025, we plan to have an electrified option available for every Toyota and Lexus vehicle in the
2023 Highlights
TMNA:
- 26 total electrified vehicles currently available in dealerships between both the Toyota and Lexus brands, the most among any automaker
- 2023 electrified vehicle sales of 657,327 represent 29.2 percent of total sales volume
- Projected to be the number one seller of passenger vehicles for the 12th consecutive year, and 20 of the last 21 years
- December sales up 25.5 percent on a volume basis
- December car division sales up 13.6 percent on a volume basis
- December truck division sales up 39.0 percent on a volume basis
- Fourth quarter sales up 15.4 percent on a volume basis
- Fourth quarter car division sales up 8.5 percent on a volume basis
- Fourth quarter truck sales up 18.4 percent on a volume basis
- Fourth quarter electrified vehicle sales up 60.9 percent on a volume basis
- Since 2021, TMNA has announced new investments of nearly
$16 billion U.S. manufacturing operations to support electrification efforts to meet customer demand - Continued successful rollout of its digital retail platforms, Smartpath for Toyota and Monogram for Lexus
- Lowest incentives among full-line manufacturers
Toyota Division:
- 2023 electrified vehicles sales of 565,800 represent 29.3 percent of total sales volume
- Projected to be the number one retail brand for the 12th consecutive year
- December sales up 17.7 percent on a volume basis
- December car sales up 14.1 percent on a volume basis
- December truck sales up 19.3 percent on a volume basis
- December electrified vehicle sales up 59.4 percent on a volume basis
- Fourth quarter division sales up 9.9 percent on a volume basis
- Fourth quarter car sales up 9.0 percent on a volume basis
- Fourth quarter SUV sales up 17.7 percent on a volume basis
- Fourth quarter truck sales up 10.3 percent on a volume basis
- Fourth quarter electrified vehicle sales up 56.4 percent on a volume basis
- Corolla projected to be the number one compact car in America
- Camry number one passenger car in America for the 22nd consecutive year
- Tacoma number one small pickup in America for the 19th consecutive year
- RAV4 best-selling SUV in the
U.S. for 8th consecutive year - All-time best-ever year for:
- GR Corolla
- Corolla Hybrid
- Corolla Cross
- Mirai
- bZ4X
- RAV4 Hybrid
- Sequoia
- Tundra Hybrid
Lexus Division:
- 2023 electrified vehicles sales of 91,527 represent 28.6 percent of total sales volume
- December car division sales up 9.2 percent on a volume basis
- December truck division sales 120.8 percent on a volume basis
- December electrified vehicle sales up 97.0 percent on a volume basis
- Fourth quarter division sales up 59.7 percent on a volume basis
- Fourth quarter car sales up 4.4 percent on a volume basis
- Fourth quarter truck sales up 80.1 percent on a volume basis
- Fourth quarter electrified vehicle sales up 94.1 percent on a volume basis
- All-time best-ever year for:
- Total electrified vehicle sales
- Total LUVs
- IS 500
- NX Hybrid
- NX Plug-in Hybrid
- Total NX
- RX Hybrid
About Toyota
Toyota (NYSE:TM) has been a part of the cultural fabric in the
Toyota directly employs more than 49,000 people in the
Through its Driving Possibilities initiative, the Toyota
For more information about Toyota, visit www.ToyotaNewsroom.com.
Media contact:
Victor Vanov
victor.vanov@toyota.com
469.292.1318
TOYOTA | ||||||||
December 2023 | ||||||||
-- CURRENT MONTH -- | -- CALENDAR YEAR TO DATE -- | |||||||
2023 | 2022 | DSR % | VOL % | 2023 | 2022 | DSR % | VOL % | |
TOTAL TMNA | 226,116 | 180,147 | 30.3 | 25.5 | 2,248,477 | 2,108,458 | 7.0 | 6.6 |
TOTAL TOYOTA DIV. | 188,338 | 160,039 | 22.2 | 17.7 | 1,928,228 | 1,849,754 | 4.6 | 4.2 |
TOTAL LEXUS DIV. | 37,778 | 20,108 | 95.1 | 87.9 | 320,249 | 258,704 | 24.2 | 23.8 |
COROLLA | 23,400 | 17,982 | 35.1 | 30.1 | 232,370 | 222,216 | 4.9 | 4.6 |
SUPRA | 245 | 258 | -1.4 | -5.0 | 2,652 | 4,952 | -46.3 | -46.4 |
GR86 (INCL FR-S) | 790 | 860 | -4.6 | -8.1 | 11,078 | 11,996 | -7.4 | -7.7 |
MIRAI | 23 | 303 | -92.1 | -92.4 | 2,737 | 2,094 | 31.1 | 30.7 |
CROWN | 2,271 | 0 | 0 | 0 | 19,063 | 0 | 0 | 0 |
AVALON | 0 | 12 | -100.0 | -100.0 | 55 | 12,215 | -99.5 | -99.5 |
PRIUS | 5,178 | 4,907 | 9.6 | 5.5 | 38,052 | 36,919 | 3.4 | 3.1 |
CAMRY | 25,405 | 25,906 | 1.8 | -1.9 | 290,649 | 295,201 | -1.2 | -1.5 |
TOTAL TOYOTA DIV. CAR | 57,312 | 50,228 | 18.5 | 14.1 | 596,656 | 585,593 | 2.2 | 1.9 |
IS | 2,090 | 1,922 | 12.9 | 8.7 | 22,521 | 21,386 | 5.7 | 5.3 |
RC | 169 | 207 | -15.2 | -18.4 | 1,752 | 2,648 | -33.6 | -33.8 |
ES | 3,873 | 3,395 | 18.5 | 14.1 | 39,117 | 41,735 | -6.0 | -6.3 |
LS | 181 | 223 | -15.7 | -18.8 | 2,234 | 2,679 | -16.3 | -16.6 |
LC | 154 | 178 | -10.2 | -13.5 | 1,761 | 1,387 | 27.4 | 27.0 |
TOTAL LEXUS DIV. CAR | 6,468 | 5,925 | 13.4 | 9.2 | 67,388 | 69,837 | -3.2 | -3.5 |
TOTAL TMNA CAR | 63,780 | 56,153 | 18.0 | 13.6 | 664,044 | 655,430 | 1.6 | 1.3 |
C-HR | 1 | 604 | -99.8 | -99.8 | 777 | 12,141 | -93.6 | -93.6 |
BZ4X | 669 | 634 | 9.6 | 5.5 | 9,329 | 1,220 | 667.2 | 664.7 |
RAV4 | 47,044 | 33,489 | 45.9 | 40.5 | 434,943 | 399,941 | 9.1 | 8.8 |
COROLLA CROSS | 7,484 | 5,609 | 38.6 | 33.4 | 71,110 | 56,666 | 25.9 | 25.5 |
VENZA | 2,555 | 2,924 | -9.3 | -12.6 | 29,907 | 33,683 | -10.9 | -11.2 |
HIGHLANDER | 12,330 | 20,247 | -36.8 | -39.1 | 169,543 | 222,805 | -23.7 | -23.9 |
GRAND HIGHLANDER | 8,354 | 0 | 0 | 0 | 48,036 | 0 | 0 | 0 |
4RUNNER | 12,275 | 7,291 | 74.8 | 68.4 | 119,238 | 121,023 | -1.2 | -1.5 |
SEQUOIA | 2,468 | 2,073 | 23.6 | 19.1 | 22,182 | 5,314 | 318.8 | 317.4 |
LAND CRUISER | 1 | 3 | -65.4 | -66.7 | 7 | 48 | -85.4 | -85.4 |
TOTAL TOYOTA DIV. SUV | 93,181 | 72,874 | 32.8 | 27.9 | 905,072 | 852,841 | 6.5 | 6.1 |
SIENNA | 5,857 | 6,107 | -0.4 | -4.1 | 66,547 | 69,751 | -4.3 | -4.6 |
TACOMA | 19,475 | 20,855 | -3.0 | -6.6 | 234,768 | 237,323 | -0.8 | -1.1 |
TUNDRA | 12,513 | 9,975 | 30.3 | 25.4 | 125,185 | 104,246 | 20.5 | 20.1 |
TOTAL TOYOTA DIV. PICKUP | 31,988 | 30,830 | 7.7 | 3.8 | 359,953 | 341,569 | 5.7 | 5.4 |
TOTAL TOYOTA DIV. TRUCK | 131,026 | 109,811 | 23.9 | 19.3 | 1,331,572 | 1,264,161 | 5.7 | 5.3 |
UX | 883 | 1,060 | -13.5 | -16.7 | 11,846 | 10,237 | 16.1 | 15.7 |
NX | 8,579 | 6,088 | 46.3 | 40.9 | 74,526 | 49,002 | 52.6 | 52.1 |
RZ | 1,025 | 0 | 0 | 0 | 5,386 | 0 | 0 | 0 |
RX | 12,248 | 3,769 | 237.5 | 225.0 | 114,033 | 96,041 | 19.1 | 18.7 |
TX | 3,734 | 0 | 0 | 0 | 8,201 | 0 | 0 | 0 |
GX | 4,256 | 2,828 | 56.3 | 50.5 | 31,910 | 29,945 | 6.9 | 6.6 |
LX | 585 | 438 | 38.7 | 33.6 | 6,959 | 3,642 | 91.7 | 91.1 |
TOTAL LEXUS DIV. TRUCK | 31,310 | 14,183 | 129.2 | 120.8 | 252,861 | 188,867 | 34.3 | 33.9 |
TOTAL TMNA TRUCK | 162,336 | 123,994 | 36.0 | 30.9 | 1,584,433 | 1,453,028 | 9.4 | 9.0 |
Selling Days | 26 | 27 | 306 | 307 | ||||
DSR = Daily Selling Rate | ||||||||
TOYOTA | ||||||||
December 2023 | ||||||||
-- CURRENT MONTH -- | -- CALENDAR YEAR TO DATE -- | |||||||
2023 | 2022 | DSR % | VOL% | 2023 | 2022 | DSR % | VOL% | |
TOYOTA PRIUS HYBRID | 4,080 | 2,964 | 42.9 | 37.7 | 30,495 | 25,062 | 22.1 | 21.7 |
TOYOTA PRIUS PRIME | 1,098 | 1,943 | -41.3 | -43.5 | 7,557 | 11,857 | -36.1 | -36.3 |
TOYOTA COROLLA HYBRID | 4,905 | 3,254 | 56.5 | 50.7 | 47,990 | 27,799 | 73.2 | 72.6 |
TOYOTA CAMRY HYBRID | 4,860 | 1,411 | 257.7 | 244.4 | 35,445 | 41,830 | -15.0 | -15.3 |
TOYOTA AVALON HYBRID | 0 | 5 | -100.0 | -100.0 | 9 | 3,565 | -99.7 | -99.7 |
TOYOTA MIRAI | 23 | 303 | -92.1 | -92.4 | 2,737 | 2,094 | 31.1 | 30.7 |
TOYOTA CROWN | 2,271 | 0 | 0 | 0 | 19,063 | 0 | 0 | 0 |
TOYOTA SIENNA HYBRID | 5,857 | 6,107 | -0.4 | -4.1 | 66,539 | 69,720 | -4.3 | -4.6 |
TOYOTA HIGHLANDER HYBRID | 3,427 | 6,565 | -45.8 | -47.8 | 49,654 | 43,711 | 14.0 | 13.6 |
TOYOTA GRAND HIGHLANDER HYBRID | 2,077 | 0 | 0 | 0 | 11,986 | 0 | 0 | 0 |
TOYOTA SEQUOIA HYBRID | 2,467 | 2,070 | 23.8 | 19.2 | 22,151 | 4,797 | 363.3 | 361.8 |
TOYOTA BZ4X BEV | 669 | 634 | 9.6 | 5.5 | 9,329 | 1,220 | 667.2 | 664.7 |
TOYOTA RAV4 HYBRID | 19,357 | 8,086 | 148.6 | 139.4 | 161,125 | 149,938 | 7.8 | 7.5 |
TOYOTA RAV4 PRIME | 2,605 | 1,018 | 165.7 | 155.9 | 26,073 | 18,567 | 40.9 | 40.4 |
TOYOTA COROLLA CROSS HYBRID | 2,737 | 0 | 0 | 0 | 15,437 | 0 | 0 | 0 |
TOYOTA VENZA HYBRID | 2,555 | 2,924 | -9.3 | -12.6 | 29,907 | 33,683 | -10.9 | -11.2 |
TOYOTA TUNDRA HYBRID | 4,035 | 2,261 | 85.3 | 78.5 | 30,303 | 15,011 | 102.5 | 101.9 |
LEXUS ES HYBRID | 1,179 | 1,140 | 7.4 | 3.4 | 12,677 | 13,607 | -6.5 | -6.8 |
LEXUS UX HYBRID | 883 | 1,060 | -13.5 | -16.7 | 11,844 | 6,884 | 72.6 | 72.1 |
LEXUS NX HYBRID | 3,157 | 2,005 | 63.5 | 57.5 | 21,435 | 13,873 | 55.0 | 54.5 |
LEXUS NX PLUG-IN HYBRID | 554 | 258 | 123.0 | 114.7 | 5,265 | 3,507 | 50.6 | 50.1 |
LEXUS RZ BEV | 1,025 | 0 | 0 | 0 | 5,386 | 0 | 0 | 0 |
LEXUS RX HYBRID | 3,204 | 1,003 | 231.7 | 219.4 | 32,965 | 17,194 | 92.4 | 91.7 |
LEXUS RX PLUG-IN HYBRID | 282 | 0 | 0 | 0 | 656 | 0 | 0 | 0 |
LEXUS TX HYBRID | 489 | 0 | 0 | 0 | 1,155 | 0 | 0 | 0 |
LEXUS LS HYBRID | 8 | 8 | 3.8 | 0 | 107 | 78 | 37.6 | 37.2 |
LEXUS LC HYBRID | 4 | 1 | 315.4 | 300.0 | 37 | 19 | 95.4 | 94.7 |
TOTAL TMNA Electrified Vehicles | 73,808 | 45,020 | 70.3 | 63.9 | 657,327 | 504,016 | 30.8 | 30.4 |
TOTAL TOYOTA Electrified Vehicles | 63,023 | 39,545 | 65.5 | 59.4 | 565,800 | 448,854 | 26.5 | 26.1 |
TOTAL LEXUS Electrified Vehicles | 10,785 | 5,475 | 104.6 | 97.0 | 91,527 | 55,162 | 66.5 | 65.9 |
TOTAL TMNA SALES RATIO | 32.6 % | 25.0 % | 29.2 % | 23.9 % | ||||
Selling Days | 26 | 27 | 306 | 307 | ||||
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SOURCE Toyota Motor North America
FAQ
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