Toyota Motor North America (TMNA) has reported its U.S. sales results for September and the third quarter of 2024, revealing a mixed performance across the company’s vehicle lineup. While overall vehicle sales were down, TMNA saw significant growth in its electrified vehicle segment, demonstrating the company’s ongoing commitment to electrification as a key part of its future strategy.
September Sales Overview
In September 2024, TMNA sold 162,595 vehicles in the U.S., a 20.3 percent decline on a volume basis compared to the same month last year. On a daily selling rate (DSR) basis, which accounts for the number of selling days in a month, sales were down 9.9 percent. The decline was seen across both the Toyota and Lexus divisions.
Despite the overall decrease, the company’s electrified vehicle sales, which include hybrids, plug-in hybrids, pure electric vehicles, and fuel cell vehicles, accounted for 48.4 percent of total sales volume in September. TMNA sold 78,683 electrified vehicles, marking a significant 22.4 percent increase on a volume basis and an impressive 38.3 percent rise on a DSR basis compared to September 2023.
Third Quarter Performance
For the third quarter of 2024, TMNA reported total U.S. sales of 542,872 vehicles, down 8.0 percent on a volume basis and 5.6 percent on a DSR basis. However, electrified vehicle sales continued to surge, with 255,863 units sold, representing a 38.6 percent increase on a volume basis and a 42.2 percent rise on a DSR basis.
Year-to-Date Sales: Electrification Takes Center Stage
TMNA’s year-to-date (YTD) U.S. sales through the end of September totaled 1,729,519 vehicles, a 6.2 percent increase on both volume and DSR bases compared to the same period in 2023. Notably, electrified vehicles made up 41.1 percent of total YTD sales, with 710,060 units sold—a remarkable 56.0 percent increase compared to the previous year.
Toyota Division Highlights
The Toyota division posted September sales of 140,152 vehicles, down 21.1 percent on a volume basis and 10.8 percent on a DSR basis. The division’s third-quarter sales were also down, with 461,883 vehicles sold, a 10.4 percent decline on a volume basis.
However, electrified vehicle sales in the Toyota division continued to shine. In September, the division saw a 24.5 percent rise in electrified sales, and YTD sales of electrified vehicles were up 58.0 percent. This growth highlights Toyota’s successful expansion of its electrified offerings, with 30 different electrified models now available in its dealerships.
Toyota also set best-ever September sales records for several electrified models, including the bZ4X, Camry HEV, and Tundra HEV. Additionally, the company achieved YTD sales records for electrified models such as the Corolla HEV, Grand Highlander HEV, and Tacoma HEV.
Lexus Division Performance
Lexus posted September sales of 22,443 vehicles, a 14.5 percent decrease on a volume basis. However, the division saw an 8.1 percent increase in third-quarter sales, totaling 80,989 units, and its YTD sales were up 10.7 percent, with 248,200 vehicles sold.
Lexus’ electrified vehicle sales also saw significant growth, with a 43.7 percent YTD increase in electrified sales. The division set best-ever September sales records for electrified vehicles like the RX HEV and RZ, as well as best-ever YTD sales for models like the NX HEV and TX HEV.
Strategic Outlook
Jack Hollis, executive vice president of Sales at TMNA, emphasized the company’s focus on electrification as a key growth driver. “In September, nearly 50 percent of our total sales volume was an electrified model, an achievement made possible by our outstanding team and dealers,” Hollis said. He also pointed out that TMNA’s “portfolio approach to electrification” is crucial for providing customers with diverse powertrain options, which aligns with the company’s long-term vision of carbon neutrality.
As Toyota continues to lead the U.S. automotive market in retail sales and electrified vehicle offerings, it is well-positioned to close out 2024 on a high note. With growing demand for electrified models, including hybrids and plug-in hybrids, Toyota and Lexus are setting the stage for continued success in the shift towards sustainable mobility.
