Toyota sold over 100K EVs in 2023, but that’s less than 1% of sales

Toyota sold over 100K EVs in 2023, but that’s less than 1% of sales


Though Toyota held its title because the top-selling automaker, the trade is shifting beneath it. Toyota bought over 100,000 EVs in 2023, however that’s nonetheless lower than 1% of the document 11.2 million autos handed over final 12 months.

Toyota bought 104,018 EVs in 2023: Is it sufficient?

The automaker introduced its 2023 global sales results Tuesday, exhibiting over 11.2 million autos had been handed over final 12 months.

Between the Toyota and Lexus manufacturers alone, a document 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 development, Toyota solely bought 24,000 EVs globally in 2022. That mentioned, all-electric fashions solely accounted for 0.93% of its whole 11.2 million autos handed over final 12 months.

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 12 months.

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 12 months. This implies the opposite two-thirds had been gas-powered.

2024 Toyota bZ4X XLE FWD (Supply: Toyota)

Rival Volkswagen sold 394,000 EVs last year, accounting for 8% of its whole gross sales. Though that is nonetheless comparatively low, it reveals how far behind Toyota is falling because the market transitions to electrical.

Toyota has greater points as chairman Akio Toyoda apologized for current scandals delivered to gentle at its associates.

Akio Toyoda presents new EV ideas in 2021 (Supply: Toyota)

He mentioned: “I wish to specific my deepest apologies to our prospects and stakeholders for the inconvenience and concern brought on by the successive irregularities at Hino Motors, Daihatsu, and Toyota Industries.”

Toyoda revealed a new vision as the corporate appears to be like to earn the belief of consumers and traders.

Electrek’s Take

Though Toyota remained the top-selling automaker this 12 months, you’ll be able to see the skinny ice beginning to soften beneath it.

With EVs accounting for lower than 1% of whole gross sales final 12 months, 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 turn into the best-selling vehicle globally final 12 months.

Regardless of the document efficiency in 2023, Toyota’s lack of all-electric choices will probably take its toll in main markets like North America, Europe, and China going ahead.

Throughout a lecture final week, Toyoda mentioned he believes EVs will never surpass 30% market share “irrespective of how a lot progress BEVs make.” The remaining 70% shall be HEVs, FCEVs, and gas-powered. Toyota insisted, “And I feel engine automobiles 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 effectively above or about to achieve the mark.

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Alex Lorel

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