Toyota's U.S. plug-in car sales surge by nearly 100 per cent in Q1 2024

Toyota's U.S. plug-in car sales surge by nearly 100 per cent in Q1 2024

Toyota Motor North America (TMNA), the operating subsidiary that manages all operations of the Japanese automobile giant in Canada, Mexico and the United States, enjoyed an impressive surge in its US plug-in car sales during the first quarter (Q1) of 2024. Despite various market challenges, Toyota’s dedication to electrification has propelled its sales to unprecedented heights, with plug-in car sales jumping nearly 10 per cent year-over-year.

The automaker’s comprehensive approach to electrification spans across a diverse lineup of xEVs (hybrid, plug-in hybrid, battery electric, and fuel cell EVs), which now encompasses more than two dozen models. This broad strategy has proven fruitful, with total xEV sales reaching a record-breaking 206,850 units in the quarter under review, accounting for nearly 37 per cent of the company’s total sales volume.

Notably, there was a remarkable increase in plug-in car sales, which surged 94 per cent year-over-year to settle at 17,832 units sold in the first-three months of this year. This significant growth reflects a shifting consumer preference towards EVs as well as underscores Toyota's agility in meeting evolving market demands.

Delving deeper into the plug-in car segment, both the Toyota and its luxury car brand Lexus experienced substantial growth. Toyota’s plug-ins witnessed 67 per cent jump, while Lexus plug-ins soared by an impressive 272 per cent year-over-year. The Toyota RAV4 Prime surfaced as the top-selling model, closely followed by the Toyota Prius Prime.

Moreover, the introduction of new models has further reinforced the company’s position in the EV market, with the all-electric Toyota bZ4X and Lexus RZ accounting for considerable sales figures in their inaugural quarter. The recent launch of the Lexus TX PHEV accentuates the company’s commitment to expanding its electrified vehicle portfolio and meeting the diverse needs of consumers.

Looking ahead, the automaker remains steadfast in its commitment to driving innovation and sustainability within the automotive industry. With a vigorous lineup of electrified vehicles and ruthless plans for future expansion, the company is poised to play a leading role in shaping the future of mobility and advancing towards a more sustainable transportation system.

As the automotive landscape continues to evolve, Toyota's unwavering focus on electrification is a clear indicator of its adaptive strategy and foresight in the quickly-evolving automotive industry. With its rich history of innovation and a reputation for quality, Toyota seems to be strategically positioned to tackle the EV market's challenges.

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