Toyota Motor North America reported that its second-quarter vehicle sales increased 9% year-over-year for 2024, for a total of 621,549 units. This was achieved in large part thanks the soaring electrified vehicle sales.
The Japanese manufacturer currently offers 29 electrified models—including hybrids, plug-in hybrids, EVs and a fuel-cell electric vehicle—two more than it did last quarter. In Q2, Toyota sold 247,347 electrified vehicles (up 63% year-over-year), representing nearly 40% of the group's total volume.
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Toyota's EV Growth
In 2023, Toyota and Lexus sold 14,715 all-electric cars in the U.S. This year, the brands have already sold 15,107 EVs, so the full-year figure should be way higher than last year.
Electrified vehicle sales in Q2 2024:
- Toyota: 215,410 (up 68%), 40.4% share of overall sales
- Lexus: 31,937 (up 35%), 36% share of overall sales
- Total: 247,347 (up 63%), 39.8% share of overall sales
Our focus is on plug-in vehicles—both EVs and PHEVs—and that appears to be the fastest-growing segment in Toyota's sales breakout.
In Q2 2024, the Toyota group sold 24,266 plug-in electric cars, 112% more than a year ago. That represented 3.9% of the company's total volume, up from 2.0% a year ago.
The Toyota brand noted 17,589 plug-in sales (up 91% year-over-year), while Lexus tripled its volume to 6,677 (up by 194%).
Plug-in car sales in Q2 2024:
- Toyota plug-ins: 17,589 (up 91%) and 3.3% share
BEVs: 7,571 (up 286%) and 1.4% share
PHEVs: 10,018 (up 39%) and 1.9% share - Lexus plug-ins: 6,677 (up 194%) and 7.5% share
BEVs: 4,036 (up 333%) and 4.5% share
PHEVs: 2,641 (up 97%) and 3% share - Total plug-ins: 24,266 (up 112%) and 3.9% share
BEVs: 11,607 (up 301%) and 1.9% share
PHEVs: 12,659 (up 48%) and 2% share
* Toyota FCEVs: 73 (down 93%) and 0.0% share
Toyota and Lexus plug-in car sales in the U.S. - Q2 2024
The group's all-electric car sales increased by 301% year-over-year to 11,607 units. This obliterated the previous record. Moreover, for the first time in history, 1.9% of all Toyota Motor North America sales were all-electric, compared to just 0.5% a year ago.
Toyota has definitely stepped on the accelerator when it comes to all-electric cars, as their sales almost matched PHEV sales at 12,659.
So far this year, the group sold 42,098 plug-ins, double how many it sold in the first half of 2023. Rechargeable cars represent 3.5% of the overall sales volume (compared to 2.0% in the first half of 2023).
It's worth noting that all-electric car sales amounted to 15,107, over three times more than a year ago. That's already more than in the entirety of 2023.
Plug-in car sales in Q1-Q2'2024:
- Toyota plug-ins: 31,160 (up 80%) and 3.1% share
BEVs: 9,468 (up 159%) and 0.9% share
PHEVs: 21,692 (up 59%) and 2.1% share - Lexus plug-ins: 10,938 (up 220%) and 6.5% share
BEVs: 5,639 (up 405%) and 3.4% share
PHEVs: 5,299 (up 131%) and 3.2% share - Total plug-ins: 42,098 (up 103%) and 3.5% share
BEVs: 15,107 (up 216%) and 1.3% share
PHEVs: 26,991 (up 69%) and 2.3% share
* Toyota FCEVs: 245 (down 86%) and 0.0% share
For reference, in 2023, the group sold 54,266 plug-in electric vehicles in the U.S. (about 2.4% of its total volume). All-electric car sales amounted to 14,715 (up from 1,223 in 2022).
Models
In terms of models, the top one in Q2 was the plug-in hybrid RAV4 Prime (9,307). However, the biggest surprise was the all-electric duo—Toyota bZ4X and Lexus RZ—with 7,571 units and 4,036 units, respectively, for a total of 11,607 sales.
This massive surge in Toyota and Lexus EV sales was possible thanks to attractive lease deals. The heavy incentive scheme helped Toyota move 4,958 bZ4Xs in April alone.
Model sales in Q2, 2024:
- Toyota bZ4X: 7,571 (up 286%)
- Toyota Prius Prime: 711 (down 57%)
- Toyota RAV4 Prime: 9,307 (up 68%)
- Lexus NX 450h+: 1,727 (up 29%)
- Lexus RZ: 4,036 (up 333%)
- Lexus RX PHEV: 702 (new)
- Lexus TX PHEV: 212 (new)
* The hydrogen Toyota Mirai noted 73 (down 93%).
So far this year, Toyota already sold more bZ4X than in all of 2023 (9,329). The same is true for the Lexus RZ (5,639 vs. 5,386). It will be interesting to see whether the Japanese manufacturer will continue to push EVs for the rest of the year.
The plug-in hybrid Toyota RAV4 Prime also did well, selling a record-setting 17,074 units in the first half of 2024..
Model sales in the first half of 2024:
- Toyota bZ4X: 9,468 (up 159%)
- Toyota Prius Prime: 4,618 (up 73%)
- Toyota RAV4 Prime: 17,074 (up 56%)
- Lexus NX 450h+: 3,135 (up 36%)
- Lexus RZ: 5,639 (up 405%)
- Lexus RX PHEV: 1,784 (new)
- Lexus TX PHEV: 380 (new)
* The hydrogen Toyota Mirai noted 245 (down 86%).
Detailed sales results of Toyota electrified cars in the U.S.:
