Toyota Motor North America Achieves Record U.S. Sales in 2024 with Strong Electrified Vehicle Demand
Toyota Motor North America (TMNA) has unveiled its year-end sales performance for 2024, with remarkable results that showcase its continued leadership in the automotive market. In total, TMNA reported U.S. sales of 2,332,623 vehicles, reflecting a 3.7% increase compared to 2023. Noteworthy is the surge in electrified vehicle sales, which experienced a staggering 53.1% growth, accounting for over 43% of total sales. This leap in electrified models confirms TMNA's strategic decision to prioritize sustainable automotive solutions, catering to evolving consumer preferences.
During the fourth quarter of 2024, TMNA noted a dip in sales volume to 603,104 vehicles, representing a 2.7% decline. Specifically, December sales showed a decrease of 7.1% year-over-year. Jack Hollis, TMNA’s executive vice president and chief operating officer, highlighted that the company's commitment to diverse powertrain options continues to resonate with customers, effectively aligning with their lifestyle and budgetary needs.
One of the standout figures in TMNA's 2024 performance was the sales of electrified vehicles, which reached 1,006,461 units, surpassing the previous years and emphasizing TMNA's position as a leader in electrification among automakers. With 30 electrified vehicle options—positioned as the most extensive lineup in the automotive industry—Toyota and Lexus brands are proactively responding to growing consumer demands for eco-friendly vehicles.
In terms of brand performance, Toyota remains on track to top passenger vehicle sales for the 13th consecutive year, reinforcing its status as a dominant force in the U.S. market. Notable sales achievements included the Camry retaining its title as the top-selling passenger car in the nation for the 23rd year and the Tacoma continuing its reign as the most popular small pickup for 20 years. Moreover, the RAV4 secured its position as the best-selling SUV in the U.S. for the eighth year running, emphasizing the brand’s strong market appeal and consumer trust.
Toyota's electrified lineup includes impressive numbers in hybrid sales as well. The Toyota Division reported 883,426 electrified vehicle sales, which made up 44.5% of its total volume in 2024. Specific models like the Corolla HEV and the RAV4 HEV enjoyed significant boosts in sales, illustrating the trend toward hybrid options.
On the Lexus side, the brand recorded its best-ever full-year sales figures in its 35-year history, reinforcing its prestige in the luxury market. Lexus reported electrified vehicle sales of 123,035, marking a 34.4% increase and solidifying its reputation as the top luxury brand in 2024.
The transition to electrification is backed by substantial investments from TMNA. Since 2020, the company has committed nearly $21 billion to enhance its U.S. manufacturing capacities to support electrification efforts, demonstrating its dedication to meeting future consumer needs. A crucial aspect of this strategy involves the upcoming commencement of battery production in North Carolina, set to launch in 2025, which will play a vital role in supplying the growing demand for electric vehicles.
Looking ahead to 2025, TMNA plans to introduce around 24 new or refreshed vehicle models across both Toyota and Lexus brands, aiming to sustain the momentum of its sales performance. The effective use of digital retail platforms such as SmartPath for Toyota and Monogram for Lexus further showcases TMNA's commitment to innovation in customer engagement, providing a seamless buying experience.
In summary, the results depict a significant year for Toyota Motor North America, marked by growth, innovation, and a clear pivot toward sustainability. With electrified vehicles taking a central role in its future plans, TMNA is positioned to maintain its leadership and reinforce its commitment to environmental responsibility. As the automotive landscape shifts toward electrification, Toyota's adaptability and strategic investments promise an exciting journey ahead for consumers and stakeholders alike.
During the fourth quarter of 2024, TMNA noted a dip in sales volume to 603,104 vehicles, representing a 2.7% decline. Specifically, December sales showed a decrease of 7.1% year-over-year. Jack Hollis, TMNA’s executive vice president and chief operating officer, highlighted that the company's commitment to diverse powertrain options continues to resonate with customers, effectively aligning with their lifestyle and budgetary needs.
One of the standout figures in TMNA's 2024 performance was the sales of electrified vehicles, which reached 1,006,461 units, surpassing the previous years and emphasizing TMNA's position as a leader in electrification among automakers. With 30 electrified vehicle options—positioned as the most extensive lineup in the automotive industry—Toyota and Lexus brands are proactively responding to growing consumer demands for eco-friendly vehicles.
In terms of brand performance, Toyota remains on track to top passenger vehicle sales for the 13th consecutive year, reinforcing its status as a dominant force in the U.S. market. Notable sales achievements included the Camry retaining its title as the top-selling passenger car in the nation for the 23rd year and the Tacoma continuing its reign as the most popular small pickup for 20 years. Moreover, the RAV4 secured its position as the best-selling SUV in the U.S. for the eighth year running, emphasizing the brand’s strong market appeal and consumer trust.
Toyota's electrified lineup includes impressive numbers in hybrid sales as well. The Toyota Division reported 883,426 electrified vehicle sales, which made up 44.5% of its total volume in 2024. Specific models like the Corolla HEV and the RAV4 HEV enjoyed significant boosts in sales, illustrating the trend toward hybrid options.
On the Lexus side, the brand recorded its best-ever full-year sales figures in its 35-year history, reinforcing its prestige in the luxury market. Lexus reported electrified vehicle sales of 123,035, marking a 34.4% increase and solidifying its reputation as the top luxury brand in 2024.
The transition to electrification is backed by substantial investments from TMNA. Since 2020, the company has committed nearly $21 billion to enhance its U.S. manufacturing capacities to support electrification efforts, demonstrating its dedication to meeting future consumer needs. A crucial aspect of this strategy involves the upcoming commencement of battery production in North Carolina, set to launch in 2025, which will play a vital role in supplying the growing demand for electric vehicles.
Looking ahead to 2025, TMNA plans to introduce around 24 new or refreshed vehicle models across both Toyota and Lexus brands, aiming to sustain the momentum of its sales performance. The effective use of digital retail platforms such as SmartPath for Toyota and Monogram for Lexus further showcases TMNA's commitment to innovation in customer engagement, providing a seamless buying experience.
In summary, the results depict a significant year for Toyota Motor North America, marked by growth, innovation, and a clear pivot toward sustainability. With electrified vehicles taking a central role in its future plans, TMNA is positioned to maintain its leadership and reinforce its commitment to environmental responsibility. As the automotive landscape shifts toward electrification, Toyota's adaptability and strategic investments promise an exciting journey ahead for consumers and stakeholders alike.
Topics Auto & Transportation）
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