Toyota C-HR Hybrid. Credit: Cicero7, Pixabay
Toyota has become the world’s top-selling car brand for the fifth year running, thanks to its commitment to hybrid vehicles, but the former CEO turned Chairman continues to cast doubt on electric cars.
While many automakers are charging full speed into electric vehicle (EV) production, Toyota is doubling down on hybrids. According to Mundo Deportivo, in 2024, 41 per cent of all Toyotas sold were electrified – mostly non-plug-in hybrids – and it seems to be working.
Toyota leads global and European markets
- Global sales: Toyota sold 10.8 million vehicles worldwide in 2024, maintaining its position as the world’s top-selling automaker for the fifth consecutive year.
- European sales: In Europe, Toyota Motor Europe achieved 1,217,132 Toyota and Lexus vehicle sales in 2024, marking a 4 per cent year-on-year increase.
- Spain sales: In Spain, 2024, a whopping 103,627 Toyota sales were registered.
Toyota’s financial dip despite sales success
Despite record global sales in 2024, there was a 3.7 percent decline in total group sales. Toyota has warned of financial pressure ahead due to increased investment and market challenges. Forecast for FY2025: Toyota expects operating profit to drop by 21 per cent, citing rising costs and U.S. tariffs, according to Financial Times.
Toyota’s former CEO’s stance on electric sports cars
Toyota Group former CEO Akio Toyoda (now chairman of Toyota Motor Corporation) has made his stance on EVs clear. “My definition of a sports car is something that smells like gasoline and has a noisy engine,” Toyoda told Automotive News.
He said Toyota won’t build an electric sports car until “affordable batteries” are available. He’s also sceptical about demand:
“Time will prove us right,” Toyoda has said, insisting EVs will never exceed a third of global car sales, according to Xataka.
EU electric car deadline poses risk to Toyota’s hybrid strategy
Toyota’s strategy could face trouble as the EU mandates 100 per cent electric new car sales by 2035. Though the company has launched electric models like the bZ4X, it’s still heavily focused on hybrids.
The launch of the bZ4X faced setbacks, including high costs and early safety issues involving wheels falling off. Meanwhile, Toyota’s Camry hybrid continues to perform well, cutting fuel use by up to 50 per cent in cities, according to tests in Australia, cited by Daily Mail.
With strong global sales but an increasingly EV-focused market, Toyota’s hybrid-first model is currently a success, but also a gamble.
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