Toyota Motor North America Reports March, First Quarter 2024 U.S. Sales

Rhea-AI Summary

Toyota Motor North America reports a significant surge in electrified vehicle sales for the first quarter of 2024, with a 74% increase on a volume basis, representing 36.6% of total sales volume. The company offers the most electrified vehicle options among all automakers, with 27 models available at dealerships. The sales figures for March and the first quarter show impressive growth for both the Toyota and Lexus divisions, with strong performances in various vehicle categories.

Insights

Automotive Industry Analyst

The substantial increase in electrified vehicle sales reported by Toyota Motor North America underscores a significant shift in consumer preferences and the automotive market's trajectory. The 74 percent surge in first quarter sales of electrified vehicles, which now represent over a third of total sales, indicates a robust demand for eco-friendly transportation options. This trend is likely to have a ripple effect across the supply chain, influencing battery manufacturers, raw material suppliers and charging infrastructure providers.

Moreover, the introduction of more than 20 new, refreshed or special edition vehicles, including hybrid and exclusively hybrid models, demonstrates Toyota's commitment to diversifying its product offerings and securing a competitive edge in the electrified segment. This strategy not only caters to the growing environmental concerns among consumers but also positions Toyota favorably in markets where regulations are increasingly stringent on emissions.

Market Research Analyst

The data presented by TMNA reveals a notable performance differential between the Toyota and Lexus divisions, with Toyota vehicles showing a more pronounced increase in sales. This could suggest a broader market appeal for Toyota's pricing strategy, model diversity, or brand perception. The impressive sales growth of specific models like the RAV4 and the all-electric bZ4X indicates strong market acceptance and the potential for these models to become leaders in their respective categories.

Additionally, the performance of Lexus, particularly in the electrified vehicle segment, with an 87.5 percent increase in March sales, may reflect a successful alignment of luxury with sustainability, a combination that is increasingly sought after in the high-end market. The launch of the all-new TX and the significant sales increase of all-electric RZ model could also signal Lexus's growing footprint in the luxury electric vehicle space.

Environmental Policy Analyst

Toyota's aggressive expansion into electrified vehicles aligns with global environmental policy trends aiming to reduce carbon emissions from the transportation sector. The company's performance and product strategy may contribute positively to the broader goals of carbon neutrality, potentially influencing legislative discussions and public policy. The success of Toyota's electrified vehicles could serve as a case study to support further investments in renewable energy and electric vehicle incentives. However, the environmental impact of this transition also depends on the sustainability of the supply chain and the lifecycle analysis of these vehicles, from production to end-of-life disposal.

•   First quarter sales of electrified vehicles surges 74 percent on a volume basis; represents 36.6 percent of total sales volume

•   27 electrified Toyota and Lexus vehicle options available at dealerships, the most among any automaker

PLANO, Texas, April 2, 2024 /PRNewswire/ -- Toyota Motor North America (TMNA) today reported March 2024 U.S. sales of 214,894 vehicles, up 21.8 percent on a volume and daily selling rate (DSR) basis versus March 2023. Sales of electrified vehicles for the month totaled 78,157, representing 36.4 percent of total sales volume.

For the first quarter, TMNA reported sales of 565,098 vehicles, up 20.3 percent on a volume basis and up 17.2 percent on a DSR basis versus March 2023. Sales of electrified vehicles for the first quarter totaled 206,850, representing 36.6 percent of total sales volume.

Toyota division posted March sales of 184,123 vehicles, up 22.7 percent on a volume and DSR basis. For the quarter, Toyota division reported sales of 486,627 vehicles, up 21.3 percent on a volume basis and up 18.1 percent on a DSR basis.

Lexus division posted March sales of 30,771 vehicles, up 16.7 percent on a volume and DSR basis. For the quarter, Lexus division reported sales of 78,471 vehicles, up 15.0 percent on a volume basis and up 12.0 percent on a DSR basis, the division's best-ever first quarter.

"Thanks to our diverse portfolio of 27 electrified vehicle options between the Toyota and Lexus brands, customer demand for our products continued to grow in March and in the first quarter," said Jack Hollis, executive vice president, sales, TMNA. "Our teams are preparing to launch more than 20 new, refreshed or special edition vehicles later this year including the all-new 2024 Tacoma with available hybrid powertrain, plus the all-new 2024 Land Cruiser and 2025 Camry, both exclusively with hybrid powertrains, offering even more electrified options that fits customers' lifestyles and needs."

March and First Quarter 2024 Highlights (volume basis unless otherwise noted)

TMNA:

• March sales of electrified vehicles were 78,157, surging 60.9 percent, representing 36.4 percent of total sales volume
• First quarter sales of electrified vehicles were 206,850, surging 74.1 percent, representing 36.6 percent of total sales volume
• Cars up 36.2 percent in March and up 31.2 percent in the first quarter
• Trucks including SUVs up 16.1 percent in March and up 16.0 percent in the first quarter
• 27 electrified Toyota and Lexus vehicle options available at dealerships

Toyota Division:

• March sales were 184,123, up 22.7 percent
• First quarter sales were 486,627, up 21.3 percent
• March electrified vehicle sales were 66,492, up 57.0 percent
• First quarter electrified vehicle sales were 177,778, up 76.4 percent
• Cars up 40.8 percent in March and up 35.5 percent in the first quarter
• SUVs up 30.9 percent in March and up 31.9 percent in the first quarter
• Trucks up 15.3 percent in March and up 15.2 percent in the first quarter
• Prius, Prius Prime, Camry HEV, Crown and RAV4 HEV all posted strong triple-digit gains in the first quarter
• All-electric bZ4X sales were up 13.1 percent in March and up 11.7 percent in the first quarter
• Total RAV4 sales were up 45.1 percent in March and up 47.4 percent in the first quarter
• 4Runner sales were up 70.4 percent in March and up 60.2 percent in the first quarter
• Sienna sales were up 53.2 percent in the first quarter
• Tundra sales were up 41.3 percent in March and up 31.0 percent in the first quarter
• Best-ever March sales:
  • GR 86
  • bZ4X
  • GR Corolla
  • Crown
  • RAV4 PRIME
• All-time best-ever month:
  • Corolla HEV
  • Corolla Cross HEV
  • Crown
  • RAV4 HEV
  • Sequoia
  • Tundra HEV
• Best-ever first quarter:
  • bZ4X
  • GR Corolla
  • Corolla HEV
  • Corolla Cross
  • Crown
  • RAV4 HEV
  • RAV4 PRIME
  • Sequoia
  • Tundra HEV

Lexus Division:

• March sales were 30,771, up 16.7 percent
• Record first quarter sales of 78,471, up 15.0 percent
• March electrified vehicle sales were 11,665, up 87.5 percent
• First quarter electrified vehicle sales were 29,072, up 61.1 percent
• Cars up 4.5 percent in March
• Trucks up 20.6 percent in March and up 20.0 percent in the first quarter
• ES HEV, NX HEV, NX PHEV, RX HEV and LS HEV all posted strong double-digit gains in the first quarter
• All-electric RZ sales were up 363.8 percent in March and up 766.5 percent in the first quarter
• LS sales were up 5.6 percent in March and up 18.6 percent in the first quarter
• LC sales were up 21.6 percent in March and up 13.9 percent in the first quarter
• Total NX sales were up 15.9 percent in March and up 10.0 percent in the first quarter
• Strong sales of the all-new TX; 9,956 sold in the first quarter
• Best-ever March sales:
  • Total NX
  • NX HEV
  • NX PHEV
  • RX HEV
  • RZ
• Best-ever first quarter:
  • Total vehicles
  • Total LUVs
  • Total NX
  • NX HEV
  • NX PHEV
  • RX HEV

Note:
HEV = Hybrid Electric Vehicle
PHEV = Plug-In Hybrid Electric Vehicle
FCEV = Fuel Cell Electric Vehicle
BEV = Battery Electric Vehicle

About Toyota
Toyota (NYSE:TM) has been a part of the cultural fabric in North America for more than 65 years, and is committed to advancing sustainable, next-generation mobility through our Toyota and Lexus brands, plus our more than 1,800 dealerships.  

Toyota directly employs more than 63,000 people in North America who have contributed to the design, engineering, and assembly of nearly 47 million cars and trucks at our 13 manufacturing plants. By 2025, Toyota's 14^th plant in North Carolina will begin to manufacture automotive batteries for electrified vehicles. With more electrified vehicles on the road than any other automaker, Toyota currently offers 27 electrified options.

For more information about Toyota, visit www.ToyotaNewsroom.com.

Media Contacts:
Victor Vanov
469.292.1318
victor.vanov@toyota.com

Media Websites:	ToyotaNewsroom.com
	LexusNewsroom.com

 

TOYOTA  U.S. SALES SUMMARY
March 2024
	-- CURRENT MONTH --				-- CALENDAR YEAR TO DATE --
	2024	2023	DSR %	VOL %	2024	2023	DSR %	VOL %
TOTAL TMNA	214,894	176,456	21.8	21.8	565,098	469,558	17.2	20.3
TOTAL TOYOTA DIV.	184,123	150,099	22.7	22.7	486,627	401,306	18.1	21.3
TOTAL LEXUS DIV.	30,771	26,357	16.7	16.7	78,471	68,252	12.0	15.0
COROLLA	22,328	13,528	65.1	65.1	60,071	42,975	36.2	39.8
SUPRA	202	247	-18.2	-18.2	484	871	-45.9	-44.4
GR86 (INCL FR-S)	1,364	1,005	35.7	35.7	2,041	2,038	-2.5	0.1
MIRAI	71	208	-65.9	-65.9	172	668	-74.9	-74.3
CROWN	2,970	1,335	122.5	122.5	7,685	1,393	437.4	451.7
PRIUS	4,092	2,236	83.0	83.0	13,327	5,586	132.4	138.6
CAMRY	30,323	25,010	21.2	21.2	78,337	66,037	15.5	18.6
TOTAL TOYOTA DIV. CAR	61,350	43,574	40.8	40.8	162,122	119,606	32.0	35.5
IS	2,227	2,032	9.6	9.6	5,007	5,361	-9.0	-6.6
RC	145	132	9.8	9.8	410	380	5.1	7.9
ES	3,799	3,768	0.8	0.8	8,471	8,679	-4.9	-2.4
LS	247	234	5.6	5.6	683	576	15.5	18.6
LC	203	167	21.6	21.6	493	433	10.9	13.9
TOTAL LEXUS DIV. CAR	6,621	6,333	4.5	4.5	15,064	15,430	-4.9	-2.4
TOTAL TMNA CAR	67,971	49,907	36.2	36.2	177,186	135,036	27.8	31.2
BZ4X	827	731	13.1	13.1	1,897	1,698	8.8	11.7
RAV4	45,340	31,258	45.1	45.1	124,822	84,704	43.5	47.4
COROLLA CROSS	7,781	5,995	29.8	29.8	19,028	14,514	27.7	31.1
VENZA	3,348	2,159	55.1	55.1	7,961	7,466	3.9	6.6
HIGHLANDER	11,538	22,259	-48.2	-48.2	32,033	55,344	-43.6	-42.1
GRAND HIGHLANDER	10,077	0	0	0	25,136	0	0	0
4RUNNER	12,756	7,487	70.4	70.4	33,823	21,116	56.0	60.2
SEQUOIA	2,254	1,808	24.7	24.7	5,958	4,384	32.4	35.9
TOTAL TOYOTA DIV. SUV	93,921	71,757	30.9	30.9	250,658	189,979	28.5	31.9
SIENNA	5,205	5,236	-0.6	-0.6	16,074	10,487	49.3	53.3
TACOMA	8,310	18,674	-55.5	-55.5	21,558	53,583	-60.8	-59.8
TUNDRA	15,337	10,858	41.3	41.3	36,215	27,651	27.6	31.0
TOTAL TOYOTA DIV. PICKUP	23,647	29,532	-19.9	-19.9	57,773	81,234	-30.7	-28.9
TOTAL TOYOTA DIV. TRUCK	122,773	106,525	15.3	15.3	324,505	281,700	12.2	15.2
UX	1,178	1,250	-5.8	-5.8	2,701	3,192	-17.6	-15.4
NX	6,724	5,801	15.9	15.9	17,119	15,556	7.2	10.0
RZ	858	185	363.8	363.8	1,603	185	744.0	766.5
RX	10,599	9,344	13.4	13.4	26,473	25,947	-0.6	2.0
TX	3,649	0	0	0	9,956	0	0	0
GX	583	2,472	-76.4	-76.4	3,858	6,370	-41.0	-39.4
LX	559	972	-42.5	-42.5	1,697	1,572	5.1	8.0
TOTAL LEXUS DIV. TRUCK	24,150	20,024	20.6	20.6	63,407	52,822	16.9	20.0
TOTAL TMNA TRUCK	146,923	126,549	16.1	16.1	387,912	334,522	12.9	16.0
Selling Days	27	27			77	75
DSR = Daily Selling Rate
	TOYOTA U.S. ELECTRIFIED VEHICLE SALES SUMMARY
March 2024
	-- CURRENT MONTH --				-- CALENDAR YEAR TO DATE --
	2024	2023	DSR %	VOL%	2024	2023	DSR %	VOL%
TOYOTA PRIUS HYBRID	2,596	2,219	17.0	17.0	9,420	4,592	99.8	105.1
TOYOTA PRIUS PRIME	1,496	17	8,700.0	8,700.0	3,907	994	282.8	293.1
TOYOTA COROLLA HYBRID	6,137	3,419	79.5	79.5	15,589	12,454	21.9	25.2
TOYOTA CAMRY HYBRID	2,424	1,335	81.6	81.6	8,986	3,702	136.4	142.7
TOYOTA MIRAI	71	208	-65.9	-65.9	172	668	-74.9	-74.3
TOYOTA CROWN	2,970	1,335	122.5	122.5	7,685	1,393	437.4	451.7
TOYOTA SIENNA HYBRID	5,205	5,235	-0.6	-0.6	16,072	10,486	49.3	53.3
TOYOTA HIGHLANDER HYBRID	2,094	10,261	-79.6	-79.6	6,109	20,927	-71.6	-70.8
TOYOTA GRAND HIGHLANDER HYBRID	4,002	0	0	0	8,900	0	0	0
TOYOTA SEQUOIA HYBRID	2,254	1,804	24.9	24.9	5,957	4,369	32.8	36.3
TOYOTA BZ4X BEV	827	731	13.1	13.1	1,897	1,698	8.8	11.7
TOYOTA RAV4 HYBRID	21,801	8,460	157.7	157.7	57,875	19,633	187.1	194.8
TOYOTA RAV4 PRIME	2,826	2,605	8.5	8.5	7,767	5,416	39.7	43.4
TOYOTA COROLLA CROSS HYBRID	3,075	0	0	0	7,464	0	0	0
TOYOTA VENZA HYBRID	3,348	2,159	55.1	55.1	7,961	7,466	3.9	6.6
TOYOTA TUNDRA HYBRID	5,366	2,570	108.8	108.8	12,015	6,989	67.4	71.9
LEXUS ES HYBRID	1,413	941	50.2	50.2	3,354	2,229	46.6	50.5
LEXUS UX HYBRID	1,178	1,250	-5.8	-5.8	2,701	3,191	-17.6	-15.4
LEXUS NX HYBRID	2,249	1,043	115.6	115.6	6,790	3,807	73.7	78.4
LEXUS NX PLUG-IN HYBRID	571	473	20.7	20.7	1,408	959	43.0	46.8
LEXUS RZ BEV	858	185	363.8	363.8	1,603	185	744.0	766.5
LEXUS RX HYBRID	4,325	2,315	86.8	86.8	10,403	7,641	32.6	36.1
LEXUS RX PLUG-IN HYBRID	394	0	0	0	1,082	0	0	0
LEXUS TX HYBRID	593	0	0	0	1,524	0	0	0
LEXUS TX PLUG-IN HYBRID	68	0	0	0	168	0	0	0
LEXUS LS HYBRID	14	12	16.7	16.7	35	25	36.4	40.0
LEXUS LC HYBRID	2	3	-33.3	-33.3	4	9	-56.7	-55.6
TOTAL TMNA Electrified Vehicles	78,157	48,581	60.9	60.9	206,850	118,839	69.5	74.1
TOTAL TOYOTA Electrified Vehicles	66,492	42,359	57.0	57.0	177,778	100,793	71.8	76.4
TOTAL LEXUS Electrified Vehicles	11,665	6,222	87.5	87.5	29,072	18,046	56.9	61.1
TOTAL TMNA SALES RATIO	36.4 %	27.5 %			36.6 %	25.3 %
Selling Days	27	27			77	75

 

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SOURCE Toyota Motor North America

FAQ

How much did Toyota Motor North America's electrified vehicle sales surge in the first quarter of 2024?

Toyota Motor North America's electrified vehicle sales surged by 74.1 percent in the first quarter of 2024, representing 36.6 percent of total sales volume.

How many electrified vehicle options does Toyota Motor North America offer at dealerships?

Toyota Motor North America offers 27 electrified vehicle options at dealerships, the most among any automaker.

What was the percentage increase in sales volume for Toyota division in March 2024?

Toyota division's sales volume increased by 22.7 percent in March 2024.

Which Toyota vehicles showed strong triple-digit gains in the first quarter of 2024?

Toyota vehicles like Prius, Prius Prime, Camry HEV, Crown, and RAV4 HEV all posted strong triple-digit gains in the first quarter of 2024.

How did Lexus division perform in terms of electrified vehicle sales in March 2024?

Lexus division's electrified vehicle sales in March 2024 surged by 87.5 percent.