Toyota Motor North America Reports U.S. September and Third Quarter 2024 Sales Results

Rhea-AI Summary

Toyota Motor North America (TMNA) reported U.S. September sales of 162,595 vehicles, down 20.3% on a volume basis compared to September 2023. Electrified vehicle sales accounted for 48.4% of total sales volume, totaling 78,683 units, up 22.4% on a volume basis. For the third quarter, TMNA sales totaled 542,872 vehicles, down 8.0% on a volume basis. Year-to-date U.S. sales reached 1,729,519 vehicles, up 6.2%. Notably, Lexus achieved its best-ever sales result in its 35-year history through the third quarter. Toyota remains the industry's number one retail brand through the nine-month period. The company offers 30 electrified Toyota and Lexus vehicle options at dealerships, the most among any automaker.

Positive

• Electrified vehicle sales increased 22.4% in September, representing 48.4% of total sales volume
• Year-to-date U.S. sales up 6.2% to 1,729,519 vehicles
• Lexus achieved its best-ever sales result in its 35-year history through the third quarter
• Toyota remains the industry's number one retail brand through the nine-month period
• 30 electrified Toyota and Lexus vehicle options available, the most among any automaker

Negative

• September total sales down 20.3% on a volume basis compared to September 2023
• Third quarter sales down 8.0% on a volume basis

Insights

Financial Analyst

Toyota's Q3 2024 sales report reveals a mixed performance with some notable highlights. While overall sales volume decreased by 8.0% for the quarter, electrified vehicle sales surged by 38.6%, now comprising 41.1% of total YTD sales. This shift towards electrification is a significant trend, with September seeing nearly 50% of sales from electrified models. The company's diverse portfolio of 30 electrified options is paying off, positioning Toyota well in the evolving auto market. Lexus division showed strong growth, with Q3 sales up 8.1% and best-ever YTD sales. Despite the overall sales decline, Toyota remains the top retail brand in the U.S., indicating resilient market position. The launch of new models like the all-hybrid Camry and strong performance in SUV segments (up 11.9% YTD for Toyota Division) demonstrate the company's ability to adapt to changing consumer preferences. However, investors should monitor the decline in some traditional models and the impact of market shifts on Toyota's overall sales strategy.

Market Research Analyst

Toyota's sales data provides valuable insights into consumer trends and market dynamics. The 48.4% electrified vehicle sales in September signals a rapid shift in consumer preferences towards greener options. This aligns with global sustainability trends and regulatory pushes for lower emissions. The success of Lexus, achieving its best-ever sales in its 35-year history, indicates strong performance in the luxury segment. The diverse range of electrified options (hybrids, plug-ins, BEVs and fuel cells) caters to various consumer needs, potentially capturing a wider market share. However, the 20.3% overall sales decline in September raises questions about market saturation or economic factors affecting consumer spending. The strong performance in SUV and truck segments, particularly with new models like the Grand Highlander, reflects ongoing consumer preference for larger vehicles. This data suggests Toyota is successfully balancing the transition to electrification while maintaining strength in traditional high-margin segments.

• September electrified vehicle sales consisting of hybrids, plug-in hybrids, pure electrics and fuel cells exceeds 48 percent of total sales volume
• More than 710,000 electrified vehicles sold through the third quarter, representing more than 41 percent of total sales volume
• 30 electrified Toyota and Lexus vehicle options available at dealerships, the most among any automaker
• Lexus records its best-ever sales result in its 35-year history through the third quarter
• Toyota remains the industry's number one retail brand through the nine month period

PLANO, Texas, Oct. 1, 2024 /PRNewswire/ -- Toyota Motor North America (TMNA) reported U.S. September sales of 162,595 vehicles, down 20.3 percent on a volume basis and down 9.9 percent on a daily selling rate (DSR) basis versus September 2023. September electrified vehicle sales consisting of hybrids, plug-in hybrids, pure electrics and fuel cells were 48.4 percent of total sales volume and totaled 78,683, up 22.4 percent on a volume basis and up 38.3 percent on a DSR basis.

TMNA third quarter U.S. sales totaled 542,872 vehicles, down 8.0 percent on a volume basis and down 5.6 percent on a DSR basis. Third quarter electrified vehicle sales totaled 255,863, up 38.6 percent on a volume basis and up 42.2 percent on a DSR basis.

Year-to-date U.S. sales totaled 1,729,519 vehicles, up 6.2 percent on a volume and DSR basis. Year-to-date electrified vehicle sales totaled 710,060, up 56.0 percent on a volume and DSR basis representing 41.1 percent of total sales for the period.

Toyota division posted September sales of 140,152 vehicles, down 21.1 percent on a volume basis and down 10.8 percent on a DSR basis. For the third quarter, the division sold 461,883 vehicles, down 10.4 percent on a volume basis and down 8.0 percent on a DSR basis. Year-to-date, the division sold 1,481,319 vehicles, up 5.5 percent on a volume and DSR basis.

Lexus division posted September sales of 22,443 vehicles, down 14.5 percent on a volume basis and down 3.4 percent on a DSR basis. For the third quarter, the division sold 80,989 vehicles, up 8.1 percent on a volume basis and up 11.0 percent on a DSR basis. Year-to-date, the division sold 248,200 vehicles, up 10.7 percent on a volume and DSR basis.

"In September, nearly 50 percent of our total sales volume was an electrified model, an achievement made possible by our outstanding team and dealers," said Jack Hollis, executive vice president, Sales, TMNA. "We believe that our portfolio approach to electrification is the best pathway to carbon neutrality while giving customers a variety of powertrain options that fits their lifestyle. With 30 electrified vehicles now at Toyota and Lexus dealerships, Lexus sales recording its best-ever year-to-date result in its 35-year history, the all-new all-hybrid Toyota Camry a hit with customers, and Toyota remaining the number one retail brand in the industry, we are preparing to close out 2024 on a high note while continuing to focus on our customers."

September, third quarter and year-to-date 2024 highlights (volume basis)

TMNA:

• YTD sales up 6.2 percent
• September electrified vehicle sales up 22.4 percent; represents 48.4 percent of total sales volume
• YTD electrified vehicle sales up 56.0 percent; represents 41.1 percent of total sales volume
• 30 electrified Toyota and Lexus vehicle options available at dealerships
• YTD passenger car sales up 4.8 percent
• YTD truck sales (SUVs and Trucks) up 6.8 percent

Toyota Division:

• YTD sales up 5.5 percent
• September electrified vehicle sales up 24.5 percent
• YTD electrified vehicle sales up 58.0 percent
• YTD passenger car sales up 5.7 percent
• YTD SUV sales up 11.9 percent
• YTD truck sales up 5.4 percent
• Best-ever September sales:
  • Total electrified sales
  • bZ4X
  • Camry HEV
  • Crown Signia
  • Land Cruiser
  • Tacoma HEV
  • Tundra HEV
• Best-ever YTD sales:
  • GR86
  • GR Corolla
  • Corolla HEV
  • Crown
  • Crown Signia
  • bZ4X
  • Corolla Cross
  • Corolla Cross HEV
  • Grand Highlander
  • Grand Highlander HEV
  • Land Cruiser
  • RAV4 HEV
  • RAV4 Prime
  • Sequoia
  • Tacoma HEV
  • Tundra HEV

Lexus Division:

• Best-ever YTD sales
• Third quarter sales up 8.1 percent
• September electrified vehicle sales up 6.3 percent
• YTD electrified vehicle sales up 43.7 percent
• YTD SUV sales up 14.6 percent
• Best-ever September sales:
  • Total electrified vehicles
  • RX HEV
  • RX PHEV
  • RZ
• Best-ever YTD sales:
  • Total vehicles
  • Total electrified vehicles
  • Total luxury utility vehicles
  • ES HEV
  • Total NX
    • NX, NX HEV, NX PHEV
  • RX HEV
  • RX PHEV
  • RZ
  • Total TX
    • TX, TX 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 12 manufacturing plants. By 2025, Toyota's 13^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 30 electrified options.

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

Media Websites:	ToyotaNewsroom.com
	LexusNewsroom.com

 

TOYOTA  U.S. SALES SUMMARY
September 2024
	-- CURRENT MONTH --				-- CALENDAR YEAR TO DATE --
	2024	2023	DSR %	VOL %	2024	2023	DSR %	VOL %
TOTAL TMNA	162,595	203,904	-9.9	-20.3	1,729,519	1,628,816	6.2	6.2
TOTAL TOYOTA DIV.	140,152	177,654	-10.8	-21.1	1,481,319	1,404,508	5.5	5.5
TOTAL LEXUS DIV.	22,443	26,250	-3.4	-14.5	248,200	224,308	10.7	10.7
COROLLA	15,761	22,679	-21.4	-30.5	177,092	165,693	6.9	6.9
SUPRA	217	185	32.6	17.3	2,329	2,097	11.1	11.1
GR86 (INCL FR-S)	498	960	-41.4	-48.1	9,643	8,737	10.4	10.4
MIRAI	30	132	-74.3	-77.3	346	2,604	-86.7	-86.7
CROWN	819	2,421	-61.8	-66.2	17,434	13,054	33.6	33.6
PRIUS	5,255	4,342	36.8	21.0	28,642	27,890	2.7	2.7
CAMRY	22,934	25,485	1.7	-10.0	227,576	217,975	4.4	4.4
TOTAL TOYOTA DIV. CAR	45,515	56,205	-8.5	-19.0	463,074	438,102	5.7	5.7
IS	1,168	1,888	-30.1	-38.1	14,391	17,168	-16.2	-16.2
RC	112	169	-25.1	-33.7	1,370	1,314	4.3	4.3
ES	2,873	3,394	-4.3	-15.4	30,284	28,941	4.6	4.6
LS	150	153	10.8	-2.0	1,706	1,725	-1.1	-1.1
LC	102	178	-35.2	-42.7	1,294	1,331	-2.8	-2.8
TOTAL LEXUS DIV. CAR	4,405	5,782	-13.9	-23.8	49,049	50,481	-2.8	-2.8
TOTAL TMNA CAR	49,920	61,987	-9.0	-19.5	512,123	488,583	4.8	4.8
BZ4X	1,324	1,182	26.6	12.0	13,577	6,486	109.3	109.3
RAV4	31,296	38,098	-7.1	-17.9	350,331	302,831	15.7	15.7
COROLLA CROSS	6,282	7,030	1.0	-10.6	67,674	49,160	37.7	37.7
CROWN SIGNIA	1,711	0	0	0	2,281	0	0	0
VENZA	1,748	3,190	-38.1	-45.2	29,790	22,087	34.9	34.9
HIGHLANDER	5,060	9,407	-39.2	-46.2	77,287	138,178	-44.1	-44.1
GRAND HIGHLANDER	0	10,177	-100	-100	55,410	24,376	127.3	127.3
4RUNNER	5,745	12,083	-46.3	-52.5	89,191	86,594	3.0	3.0
SEQUOIA	1,854	2,129	-1.6	-12.9	19,290	15,790	22.2	22.2
LAND CRUISER	3,059	1	346,000.0	306,000.0	18,296	6	304,833.3	304,833.3
TOTAL TOYOTA DIV. SUV	58,089	83,298	-21.2	-30.3	723,128	646,284	11.9	11.9
SIENNA	6,665	6,311	19.4	5.6	50,789	47,753	6.4	6.4
TACOMA	18,027	20,579	-1	-12.4	126,805	179,681	-29.4	-29.4
TUNDRA	11,856	11,261	19	5.3	117,523	92,688	26.8	26.8
TOTAL TOYOTA DIV. PICKUP	29,883	31,840	6.1	-6.1	244,328	272,369	-10.3	-10.3
TOTAL TOYOTA DIV. TRUCK	94,637	121,449	-11.9	-22.1	1,018,245	966,406	5.4	5.4
UX	402	826	-45	-51.3	6,881	9,374	-26.6	-26.6
NX	5,034	6,131	-7.2	-17.9	53,515	51,685	3.5	3.5
RZ	523	443	33.5	18.1	8,381	2,511	233.8	233.8
RX	8,590	9,405	3.2	-8.7	83,341	83,491	-0.2	-0.2
TX	0	0	0	0	21,315	0	0	0
GX	3,022	2,932	16.5	3.1	20,906	21,492	-2.7	-2.7
LX	466	731	-27.9	-36.3	4,812	5,274	-8.8	-8.8
TOTAL LEXUS DIV. TRUCK	18,038	20,468	-0.4	-11.9	199,151	173,827	14.6	14.6
TOTAL TMNA TRUCK	112,675	141,917	-10.2	-20.6	1,217,396	1,140,233	6.8	6.8
Selling Days	23	26			230	230
DSR = Daily Selling Rate
TOYOTA U.S. ELECTRIFIED VEHICLE SALES SUMMARY
September 2024
	-- CURRENT MONTH --				-- CALENDAR YEAR TO DATE --
	2024	2023	DSR %	VOL%	2024	2023	DSR %	VOL%
TOYOTA PRIUS HYBRID	3,832	2,999	44.4	27.8	20,331	21,932	-7.3	-7.3
TOYOTA PRIUS PRIME	1,423	1,343	19.8	6.0	8,311	5,958	39.5	39.5
TOYOTA COROLLA HYBRID	3,048	4,645	-25.8	-34.4	40,152	36,739	9.3	9.3
TOYOTA CAMRY HYBRID	22,905	3,779	585.2	506.1	122,989	22,078	457.1	457.1
TOYOTA MIRAI	30	132	-74.3	-77.3	346	2,604	-86.7	-86.7
TOYOTA CROWN	819	2,421	-61.8	-66.2	17,434	13,054	33.6	33.6
TOYOTA SIENNA HYBRID	6,663	6,307	19.4	5.6	50,769	47,745	6.3	6.3
TOYOTA HIGHLANDER HYBRID	2,424	2,714	1.0	-10.7	15,992	41,417	-61.4	-61.4
TOYOTA GRAND HIGHLANDER HYBRID	0	2,585	-100	-100	20,592	6,201	232.1	232.1
TOYOTA SEQUOIA HYBRID	1,853	2,126	-1.5	-12.8	19,286	15,760	22.4	22.4
TOYOTA LAND CRUISER HYBRID	3,059	1	346,000.0	306,000.0	18,296	6	305,000.0	305,000.0
TOYOTA BZ4X BEV	1,324	1,182	26.6	12.0	13,577	6,486	109.3	109.3
TOYOTA RAV4 HYBRID	12,761	15,279	-5.6	-16.5	152,328	103,329	47.4	47.4
TOYOTA RAV4 PRIME	2,081	3,051	-22.9	-31.8	24,580	18,851	30.4	30.4
TOYOTA COROLLA CROSS HYBRID	2,112	2,425	-1.5	-12.9	25,259	7,322	245.0	245.0
TOYOTA CROWN SIGNIA	1,711	0	0	0	2,281	0	0	0
TOYOTA VENZA HYBRID	1,748	3,190	-38.1	-45.2	29,790	22,087	34.9	34.9
TOYOTA TACOMA HYBRID	1,506	0	0	0	4,526	0	0	0
TOYOTA TUNDRA HYBRID	1,374	2,592	-40.1	-47.0	33,679	21,251	58.5	58.5
LEXUS ES HYBRID	1,394	1,315	19.8	6.0	12,979	9,285	39.8	39.8
LEXUS UX HYBRID	402	826	-45.0	-51.3	6,881	9,372	-26.6	-26.6
LEXUS NX HYBRID	1,786	2,088	-3.3	-14.5	19,485	12,360	57.6	57.6
LEXUS NX PLUG-IN HYBRID	384	476	-8.8	-19.3	4,866	3,803	28.0	28.0
LEXUS RZ BEV	523	443	33.5	18.1	8,381	2,511	233.8	233.8
LEXUS RX HYBRID	3,130	2,331	51.8	34.3	30,105	24,840	21.2	21.2
LEXUS RX PLUG-IN HYBRID	372	41	925.7	807.3	2,819	41	6,776.0	6,776.0
LEXUS TX HYBRID	0	0	0	0	3,549	0	0	0
LEXUS TX PLUG-IN HYBRID	0	0	0	0	383	0	0	0
LEXUS LS HYBRID	3	6	-43.5	-50.0	77	84	-8.3	-8.3
LEXUS LC HYBRID	1	2	-43.5	-50.0	14	24	-41.7	-41.7
TOTAL TMNA Electrified Vehicles	78,683	64,299	38.3	22.4	710,060	455,148	56.0	56.0
TOTAL TOYOTA Electrified Vehicles	70,683	56,771	40.7	24.5	620,521	392,828	58.0	58.0
TOTAL LEXUS Electrified Vehicles	8,000	7,528	20.1	6.3	89,539	62,320	43.7	43.7
TOTAL TMNA SALES RATIO	48.4 %	31.5 %			41.1 %	27.9 %
Selling Days	23	26			230	230

 

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SOURCE Toyota Motor North America

FAQ

What was Toyota's (TM) U.S. sales performance in September 2024?

Toyota reported U.S. September 2024 sales of 162,595 vehicles, down 20.3% on a volume basis compared to September 2023.

How did Toyota's (TM) electrified vehicle sales perform in September 2024?

Toyota's electrified vehicle sales in September 2024 totaled 78,683 units, up 22.4% on a volume basis, representing 48.4% of total sales volume.

What was Toyota's (TM) year-to-date U.S. sales performance in 2024?

Toyota's year-to-date U.S. sales for 2024 totaled 1,729,519 vehicles, up 6.2% on a volume basis.

How many electrified vehicle options does Toyota (TM) offer in 2024?

Toyota offers 30 electrified Toyota and Lexus vehicle options at dealerships, the most among any automaker.