It is the dream of many automakers to be able to sell one lakh EVs a year. But for Toyota, this sale is like a surprise in the elephant’s neck. This is only one percent of Toyota’s total vehicle sales. In 2023, Toyota sold 1.12 crore vehicles internationally.
Toyota and Lexus together have sold 1.03 crore vehicles. In terms of battery electric vehicles, Toyota sold 1,04,018 units in 2023. In terms of EVs, Toyota achieved a sales growth of 325 percent compared to the previous year. Toyota sold only 24,000 EVs in 2022. EV share was only 0.93 percent in 2022 when 1.12 crore vehicles were sold.
Toyota prefers hybrid vehicles over EVs. Toyota sold 3.4 lakh hybrid vehicles and 26,859 mild hybrid (MHEV) vehicles last year. Sales growth of 31 per cent in hybrid and 494 per cent in mild hybrid over the previous year. Meanwhile, sales of hydrogen fuel cell vehicles (FCEV) fell 0.1 percent to 3,921 in 2022. Including battery, hybrid, mild hybrid and hydrogen vehicles, Toyota sold 3.7 lakh vehicles last year. This is one third of the total sales.
Toyota’s arch rival Volkswagen sold 3.94 lakh EVs last year. It accounts for eight percent of their total vehicle sales. Even as the world is chasing EVs, Japanese automaker Toyota still believes that traditional ICE engines will rule the world.
An electric car became the world’s best-selling car in 2023. This is the first time that an electric car has reached this position. This feat was achieved by Tesla’s Model Y. In just four years after its release, the Model Y became the world’s best-selling car. Coming in second and third place were Toyota’s RAV4 and Corolla.
In many of Toyota’s markets, such as North America, Europe, and China, Toyota’s tough stance on electric cars was a setback for them. In addition to America, Model Y has performed well in China and Europe and has reached the status of the best-selling car in the world.
Toyota estimates that electric cars will not make up more than 30 percent of the total car market, no matter how fast. Toyota reiterated this position last week as well. Toyota reiterates that the remaining 70 percent will be carried by ICE, hybrid, mild hybrid and hydrogen vehicles. It is also a fact that in many countries such as Norway (82.4%), Sweden (32%), Netherlands (24%), and China (24%), electric vehicles have a decisive influence on the market.