Although Toyota held its title as the top-selling automaker, the industry is shifting beneath it. Toyota sold over 100,000 EVs in 2023, but that’s still less than 1% of the record 11.2 million vehicles handed over last year.
Toyota sold 104,018 EVs in 2023: Is it enough?
The automaker announced its 2023 global sales results Tuesday, showing over 11.2 million vehicles were handed over last year.
Between the Toyota and Lexus brands alone, a record 10.3 million vehicles were sold in 2023.
Toyota’s global EV sales reached 104,018 in 2023, up 325% from 2022. Despite the triple-digit growth, Toyota only sold 24,000 EVs globally in 2022. That said, all-electric models only accounted for 0.93% of its total 11.2 million vehicles handed over last year.
Meanwhile, Toyota’s hybrid and ICE sales continue to dominate the greatest share. Toyota sold over 3.4 million hybrids (+31% YOY) and 26,859 MHEVs (+494%) last year.
The automaker also sold 3,921 FCEVs, down 0.1% from 2022. Altogether, Toyota’s “electrified” sales amounted to nearly 3.7 million. That’s almost a third of the vehicles Toyota handed over last year. This means the other two-thirds were gas-powered.
Rival Volkswagen sold 394,000 EVs last year, accounting for 8% of its total sales. Although this is still relatively low, it shows how far behind Toyota is falling as the market transitions to electric.
Toyota has bigger issues as chairman Akio Toyoda apologized for recent scandals brought to light at its affiliates.
He said: “I would like to express my deepest apologies to our customers and stakeholders for the inconvenience and concern caused by the successive irregularities at Hino Motors, Daihatsu, and Toyota Industries.”
Toyoda revealed a new vision as the company looks to earn the trust of customers and investors.
Electrek’s Take
Although Toyota remained the top-selling automaker this year, you can see the thin ice starting to melt beneath it.
With EVs accounting for less than 1% of total sales last year, Toyota is far behind the competition, with most already hitting double-digit or 100% EV sales by now.
Tesla’s Model Y topped the RAV4 and Corolla to become the best-selling vehicle globally last year.
Despite the record performance in 2023, Toyota’s lack of all-electric options will likely take its toll in major markets like North America, Europe, and China going forward.
During a lecture last week, Toyoda said he believes EVs will never surpass 30% market share “no matter how much progress BEVs make.” The remaining 70% will be HEVs, FCEVs, and gas-powered. Toyota insisted, “And I think engine cars will definitely remain.”
Meanwhile, several markets, including Norway (82.4% EV share), Sweden (32%), The Netherlands (24%), and China (24%), are already well above or about to reach the mark.
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