Toyota C-HR Hybrid. Credits: Cicero7, Pixabay
Toyota has become the world’s top selling car brand for its fifth year thanks to its commitment to hybrid vehicles, but the former CEO has been chairman and continues to question electric vehicles.
While many automakers are charging full speeds in electric vehicle (EV) production, Toyota is doubling the hybrid. According to The world of sportsin 2024, 41% of all Toyotas sold were electrified, and most were not plug-in hybrids, but they appear to be working.
Toyota leads global and European markets
- Global Sales: Toyota sold 10.8 million vehicles worldwide in 2024, and has maintained its position as the world’s top selling automaker for the fifth consecutive year.
- Europe Sales: In Europe, Toyota Motor Europe achieved 1,217,132 Toyota and Lexus vehicle sales in 2024, showing a 4% increase from the previous year.
- Spain Sales: In 2024, a whopping 103,627 Toyota sales were registered in Spain.
Despite the successful sales, Toyota’s financial dip
Despite record global sales in 2024, total group sales fell 3.7%. Toyota warns of upcoming financial pressure due to rising investment and market challenges. Forecast for 201025: Toyota expects its operating profit to fall by 21%. Financial Times.
Former Toyota CEO’s stance on electric sports cars
Akio Toyoda, former CEO of Toyota Group (now Chairman of Toyota Motor Corporation), has made clear his stance on EVS. “My definition of a sports car is something that smells like gasoline and has a noisy engine,” Yoda said. Automotive news.
He said Toyota will not build electric sports cars until “affordable batteries” are available. He is also skeptical of demand:
“Time will prove we’re right,” Yoda said. Xataka.
EU electric vehicle deadlines pose risks to Toyota’s hybrid strategy
Toyota’s strategy could face trouble as the EU requires 100% electric vehicle sales by 2035. The company has launched electric models like the BZ4X, but still focuses on hybrids.
The launch of the BZ4X faced a setback, including high costs and early safety issues, including wheel collapse. Meanwhile, Toyota’s Camry Hybrid will continue to perform, reducing fuel usage by up to 50% in the city, according to Australian testing. Daily Mail.
With a strong global sales, but increasingly focused marketplace, Toyota’s hybrid first model is not only successful, but also gambling.
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