Stellar growth in sales of hybrid cars, far outpacing its growth in EVs, has bolstered the Japanese automaker’s sales in the U.S.
After all the talk of dwindling sales at EV makers like Tesla $TSLA and Chinese rival BYD, Toyota $TM must be glad it maintained its focus on hybrid power rather than going all in on batteries. Now, the bet looks to be paying off as stellar growth in sales of hybrid cars has bolstered the Japanese automaker’s sales in the U.S.
Sales of Toyota cars in the U.S. rose 23 percent through March and sales for the first three months of 2024 rose 21 percent, reports Automotive News. Booming sales for America’s second-best-selling brand were owed to its impressive growth in the hybrid segment.
According to figures shared by the company, sales of Toyota’s electrified vehicles were up by 76.4 percent in the three months to the end of March. The growth came after sales of cars like the new Prius Prime, Camry Hybrid, Crown and Rav4 Hybrid, all saw volume increases in the triple digits for the first quarter.
The popularity of hybrids was replicated at sister company Lexus, which also saw its electrified sales increase by more than 60 percent in volume terms. As Automotive News adds:
The Japanese automaker’s collection of hybrid, plug-in hybrid, hydrogen-powered and battery-electric vehicles accounted for over 36 percent of its total sales at both brands in March and for the first quarter.
However, while Toyota may like to lump all its mild-hybrid, plug-in models and battery-powered cars under the “electrified” umbrella, the sales growth was far slower for its fully electric models.
In fact, Toyota’s BZ4X electric car sold just 1,897 units across America between January and March 2024. That figure marks an 11 percent increase over last year, but still falls far short of the impressive EV growth seen by brands like Hyundai and Kia in recent months.
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