Toyota Sales Continue to Grow
The company Toyota continues to demonstrate positive sales dynamics, particularly due to a slight growth in August, which added to the already successful results of the first eight months of the year. At the current pace, Toyota has every chance to exceed the figure of 10.8 million cars sold worldwide in 2024.
Report Details and Anomalies
However, a meticulous analysis of the company’s latest report reveals some striking details, or anomalies. For example, only 18 battery electric vehicles were sold in the domestic Japanese market in August.
Positive and Negative Trends
For Toyota, the good news is that this year the company sold 7,409,273 cars under the Toyota, Daihatsu, Hino, and Lexus brands, which is 6.2% more than last year. However, in August, the growth rate slowed to 900,598 units, which is 1.3% less compared to the same month last year. More alarming was the decline in the domestic market, where sales of the Toyota group in Japan fell by 10.2% in August, despite an overall increase of 17.8% since the beginning of the year.
Excluding Daihatsu and Hino, sales of Toyota and Lexus in Japan decreased by 12.1% last month to 96,269 units. This slowdown is attributed to operational difficulties and supply delays related to problems on the Kamchatka Peninsula, as well as the consequences of last year’s large-scale Prius model recall.
Battery Electric Vehicle Sales
The report also points to the successes of Toyota and Lexus in the field of electrified models. Globally, sales of electric vehicles increased by 20.6% to 117,031 units since the beginning of the year. However, in Japan, the situation is radically different. Sales of battery electric vehicles fell by 84.9% in August, amounting to only 18 units. In the first eight months, only 469 such cars were sold in Toyota’s domestic market, which is 71.1% less than last year.
This decline occurs despite the fact that the total sales volume of electrified cars in Japan increased by 8.8% this year to 617,947 units. The vast majority of these are Toyota’s traditional hybrid models, which account for 603,676 sales. In addition, the company sold 13,551 plug-in hybrids and 251 fuel cell vehicles in Japan this year.
Growth Abroad
Outside of Japan, Toyota’s electric vehicle business is developing in the opposite direction. Global demand has strengthened, with 117,031 electric vehicles sold this year, representing significant growth of 20.6%. August was particularly successful with 17,056 units sold, which is 34.5% more than the same month last year.
This data highlights that Toyota’s electrification strategy may vary significantly depending on the region. While global indicators are growing, the domestic market remains conservative, preferring hybrid technologies. Such a disparity may indicate cultural, economic, or infrastructural factors that influence the perception of electric vehicles in different countries. Perhaps the company is focused on other types of electrified vehicles, such as hydrogen models, which is also reflected in its Japanese statistics.