Toyota’s US EV sales continue lagging as Hyundai, Kia plow ahead Leave a comment

Toyota’s EV sales were up 9% in the first three months of 2024, but only 1,897 Toyota electric vehicles were handed over in the US. That’s only a fraction of Toyota’s over 486,000 total Q1 US sales.

Toyota’s US EV sales fall behind the competition in Q1

After a rocky start with its first fully electric vehicle, the bZ4X, Toyota continues falling further behind rivals in the US EV market.

Toyota sold 827 bZ4X models in the US last month for a total of 1,897 through Q1 2024. Although that’s up 9% from the 1,698 handed over last year, Toyota’s sole EV accounted for a minuscule 0.4% of its total US sales.

The automaker sold 486,627 vehicles in the US in Q1, up 18% from last year. Including Lexus, Toyota sold 565,098 cars in the US in Q1.

With only 1,603 Lexus RZ EV models sold so far this year, Toyota’s (including Lexus) US EV sales still accounted for only 0.6% of its overall output.

Toyota promotes “electrified” vehicle sales (including hybrids) “surged” 61% in March, representing 36.4% of sales volume.

First quarter electrified sales reached 206,850, up 74% YoY, accounting for 36.6% of total sales volume.

Although US automakers Ford and GM have both pulled back EV initiatives with plans to use hybrids as a “bridge” to all-electric vehicles, Toyota has been the most outspoken against going all-in on EVs over the years.

The automaker has unveiled plans for next-gen EVs and battery tech, but it’s not due out for another few years.

Electrek’s Take

Toyota continues falling further behind the EV market. With EVs still accounting for less than 1% of Toyota’s total Q1 output, the automaker is far behind the competition.

By now, many automakers are already hitting double-digit or even 100% EV sales. Overseas rivals Hyundai and Kia started the year strong with EV sales setting new Q1 sales records.

Hyundai sold 6,822 IONIQ 5 models in a record-setting first quarter. Meanwhile, IONIQ 6 sales reached 3,646 in Q1.

Kia’s new EV9 caused a 151% surge in EV sales last month. Through the first three months of the year, Kia sold over 4,000 units of its three-row electric SUV, and Kia EV6 sales also reached over 4,000 in Q1.

Despite preparing to shut down its Normal, IL plant for upgrades to cut costs, EV startup Rivian delivered 13,588 vehicles last quarter.

Tesla delivered 386,810 vehicles in the first quarter despite missing expectations by a wide margin, 369,783 of which were Model 3 and Model Y.

Toyota’s “hybrid ” strategy could end up costing it in the long run as Tesla, Rivian, Hyundai, Kia, Volvo, and others look to steal market share.

Toyota revealed its 2024 bZ4X earlier this year, but starting at $43,070 with up to 252 miles range can the EV keep up with the competition?

Let us know what you think in the comments.