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Toyota’s Strategic Approach to Hybrid Cars Pays Off
While many automakers globally shifted their focus to electric vehicles, Toyota took a different route by sticking with hybrid models and slowing down its rollout of battery-powered cars. This cautious strategy towards electrification seems to have yielded positive results, as hybrid cars have recently propelled the Japanese automaker to a record-breaking year in terms of deliveries and sales.
Record-Breaking Sales Performance
Toyota announced that it sold more than 10.3 million cars across its brands in the latest financial year, as reported by Bloomberg. Production increased by 4.5% to reach 11.2 million units, driven by strong demand in North America, Europe, India, and Japan. Despite a temporary halt in shipments due to compliance issues, Toyota managed to maintain firm output levels in its home market.
Toyota’s sales in China experienced a 1.4% increase, outperforming some of its Japanese counterparts in the face of competition from local automakers. The company sold 116,654 battery electric vehicles during the period, with its main brand and luxury division Lexus registering sales growth of 7.3% and 9.2%, respectively.
Although the 7.3% overall sales growth for Toyota is commendable, the real standout performance came from its hybrid lineup. Toyota recorded a substantial 31.1% year-on-year increase in hybrid electric model sales, surpassing 3.5 million units. Electrified vehicle sales, including hybrids and fully-electric models, accounted for nearly 3.9 million units worldwide, representing over a third of Toyota’s total sales volume.
Electric Vehicle Expansion
Within its electrified sales figures, Toyota’s output of fully-electric vehicles, such as the BZ4X, showcased significant growth. The company managed to sell around 116,000 battery electric cars globally, almost tripling its EV sales compared to the previous year. This surge in electric vehicle performance underscored Toyota’s commitment to a diversified product portfolio and its ability to adapt to evolving market demands.
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