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Though Toyota held its title because the top-selling automaker, the business is shifting beneath it. Toyota bought over 100,000 EVs in 2023, however that’s nonetheless lower than 1% of the report 11.2 million autos handed over final yr.
Toyota bought 104,018 EVs in 2023: Is it sufficient?
The automaker introduced its 2023 international gross sales outcomes Tuesday, displaying over 11.2 million autos had been handed over final yr.
Between the Toyota and Lexus manufacturers alone, a report 10.3 million autos had been bought in 2023.
Toyota’s international EV gross sales reached 104,018 in 2023, up 325% from 2022. Regardless of the triple-digit progress, Toyota solely bought 24,000 EVs globally in 2022. That mentioned, all-electric fashions solely accounted for 0.93% of its complete 11.2 million autos handed over final yr.
In the meantime, Toyota’s hybrid and ICE gross sales proceed to dominate the best share. Toyota bought over 3.4 million hybrids (+31% YOY) and 26,859 MHEVs (+494%) final yr.
The automaker additionally bought 3,921 FCEVs, down 0.1% from 2022. Altogether, Toyota’s “electrified” gross sales amounted to just about 3.7 million. That’s nearly a 3rd of the autos Toyota handed over final yr. This implies the opposite two-thirds had been gas-powered.
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Rival Volkswagen bought 394,000 EVs final yr, accounting for 8% of its complete gross sales. Though that is nonetheless comparatively low, it exhibits how far behind Toyota is falling because the market transitions to electrical.
Toyota has larger points as chairman Akio Toyoda apologized for latest scandals delivered to gentle at its associates.
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He mentioned: “I want to categorical my deepest apologies to our clients and stakeholders for the inconvenience and concern attributable to the successive irregularities at Hino Motors, Daihatsu, and Toyota Industries.”
Toyoda revealed a brand new imaginative and prescient as the corporate seems to be to earn the belief of consumers and traders.
Electrek’s Take
Though Toyota remained the top-selling automaker this yr, you may see the skinny ice beginning to soften beneath it.
With EVs accounting for lower than 1% of complete gross sales final yr, Toyota is much behind the competitors, with most already hitting double-digit or 100% EV gross sales by now.
Tesla’s Mannequin Y topped the RAV4 and Corolla to change into the best-selling automobile globally final yr.
Regardless of the report efficiency in 2023, Toyota’s lack of all-electric choices will seemingly take its toll in main markets like North America, Europe, and China going ahead.
Throughout a lecture final week, Toyoda mentioned he believes EVs won’t ever surpass 30% market share “regardless of how a lot progress BEVs make.” The remaining 70% can be HEVs, FCEVs, and gas-powered. Toyota insisted, “And I feel engine vehicles will certainly stay.”
In the meantime, a number of markets, together with Norway (82.4% EV share), Sweden (32%), The Netherlands (24%), and China (24%), are already properly above or about to achieve the mark.
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