AUTO

Electric SUVs Take Over Toyota’s Q4 Sales With 43 Percent Growth

January 3, 2025

Toyota’s electric SUVs saw a 53% sales surge in 2024
Toyota bZ4X sales jumped 99.1% compared to last year
$13.9B invested in U.S. battery production for EVs

In 2024, Toyota Motor North America (TMNA) reported a surprising 1,006,461 electrified vehicle sales, a 53.1% jump compared to 2023. Electrified models now make up 43.1% of total sales for Toyota and Lexus combined, highlighting how deeply this shift resonates with customers.

What’s behind these numbers? “Our multi-pathway powertrain approach continues to attract customers, meeting their lifestyles and budgets,” says Jack Hollis, Executive Vice President and COO of TMNA. In simple terms, Toyota offers choices. Instead of focusing on a single type of electrified vehicle, they’ve built a diverse lineup to cater to a wide range of needs and preferences.

SUVs are America’s sweet spot, and Toyota knows it. Their electric SUV lineup includes the RAV4 Hybrid, RAV4 Plug-in Hybrid, and the bZ4X, a name you’ll want to remember. The bZ4X saw sales skyrocket by 99.1% in 2024, signaling strong consumer interest. Toyota has also introduced hybrid versions of crowd favorites like the Grand Highlander and Corolla Cross, with sales for the latter’s hybrid model up an amazing 128.6%.

Toyota’s success comes down to affordability, variety, and practicality. With six models priced under $30,000 and a reliable Certified Used Vehicle program, there’s something for almost every budget. Their electrified SUVs add dependability and functionality, making them a solid choice for drivers.

On the luxury side, Lexus had its best sales year ever, delivering 123,035 electrified vehicles, a 34.4% jump from 2023. The RX lineup, a customer favorite, saw hybrid sales grow by 30.1% and plug-in hybrid sales surge by an impressive 547.6%. Meanwhile, the all-electric RZ saw an 80% increase, showing strong demand for luxury electric options.

Lexus focuses on creating a premium driving experience that aligns with environmental goals. The RX, a top choice among mid-luxury SUVs for 26 years, continues to grow in popularity with its hybrid options gaining traction.

Toyota is backing up its electric vehicle strategy with serious action. The company is investing $13.9 billion in a battery production facility in North Carolina to meet growing demand. This is part of a broader $21 billion commitment to U.S. manufacturing since 2020. For those doubting whether automakers can deliver on their EV plans, Toyota is proving they mean business.

As Jack Hollis puts it, “Our teams are working with suppliers and dealers to prepare for a busy 2025 as we introduce approximately 24 all-new, refreshed, or special edition Toyota and Lexus vehicles.” What this translates to is more innovation on the horizon.