Information in this article is based on a press release distributed by Toyota.
Toyota Motor North America (TMNA) has closed 2023 with remarkable success, setting a new benchmark in its U.S. sales history. The automaker reported a total sale of 2,248,477 vehicles, a notable increase of 6.6 percent on a volume basis and 7.0 percent on a daily selling rate (DSR) compared to the previous year.
This upward trajectory is not just an isolated spike but part of a consistent growth pattern, as evidenced by the impressive sales figures in the fourth quarter of 2023 – 619,661 vehicles, up by 15.4 percent in volume and 18.5 percent on a DSR basis from the fourth quarter of 2022. December 2023 alone witnessed a significant leap with 226,116 vehicles sold, marking a 25.5 percent increase in volume and 30.3 percent on a DSR basis over December 2022.
Electrification at the Forefront
A key highlight of Toyota’s success in 2023 was its focused approach towards electrification. Jack Hollis, the executive vice president of Sales at TMNA, emphasized the company’s strategy to expand its electrified vehicle offerings. With an aim to cater to diverse customer needs and preferences, Toyota plans to introduce 22 new, refreshed, or special edition vehicles in 2024, including a variety of electrified options. Toyota’s ambitious goal is to have an electrified version available for every model in the Toyota and Lexus lineup by the end of 2025.
2023 Sales Highlights and Investments
TMNA’s 2023 performance was bolstered by its range of 26 electrified vehicles, the most offered by any automaker, representing 29.2 percent of its total sales volume. Toyota’s commitment to electrification is further underlined by its significant investment of nearly $16 billion since 2021 into U.S. manufacturing operations, aimed at meeting the growing customer demand for electrified vehicles. TMNA has also made strides in digital retail with the successful rollout of Smartpath for Toyota and Monogram for Lexus, enhancing customer experience and sales efficiency.
Performance of Toyota and Lexus Divisions
Within the Toyota Division, the sales of electrified vehicles stood at 29.3 percent of the total sales volume in 2023. The division experienced significant sales increases in December across car, truck, and electrified vehicle categories. Leading models like the Corolla, Camry, Tacoma, and RAV4 continued their dominance in the market. Noteworthy was the performance of models such as the GR Corolla, Corolla Hybrid, and RAV4 Hybrid, which experienced their best-ever sales year.
The Lexus Division also showed robust results, with electrified vehicle sales constituting 28.6 percent of its total sales volume. The division saw significant growth in the fourth quarter, particularly in the truck segment, which witnessed an 80.1 percent increase in sales. Lexus models like the IS 500, NX Hybrid, and RX Hybrid achieved their best sales year ever.
Looking Ahead: Toyota’s Vision for 2024 and Beyond
In conclusion, Toyota Motor North America’s performance in 2023 reflects a solid position in the automotive industry, largely driven by its strategic focus on electrification and meeting customer needs. The significant sales achieved by both Toyota and Lexus divisions showcase the company’s ability to align with market trends and its commitment to sustainable transportation. As TMNA looks to 2024, its approach indicates a readiness to continue adapting and innovating in a rapidly evolving industry.
