Toyota reports 21.8% Y/Y sales growth in March 2024; Electric vehicles surge 61%

Toyota Motor North America (NYSE:TM) released its March 2024 U.S. vehicle sales numbers.

The sales showed a substantial growth of 21.8% Y/Y to 214,894 units.

Electrified vehicle sales in March climbed around 61% Y/Y, totaling 78,157 units. This accounted for 36.4% of Toyota’s overall sales volume that month.

For the first quarter, Toyota Motor North America reported total sales of 565,098 vehicles, representing a 20.3% increase compared to the same period last year.

In terms of vehicle types, car sales showed robust growth, with a 36.2% increase in March and a 31.2% increase for the quarter.

Sales of trucks, including SUVs, also saw a healthy uptick, rising by 16.1% in March and 16% for the quarter.

The Toyota division reported strong March sales of 184,123 vehicles, up 22.7% Y/Y.

For the quarter, Toyota division sales rose by 21.3% Y/Y to 486,627 vehicles.

The Lexus division also posted positive results, with March sales of 30,771 vehicles, up 16.7%, and Q1 sales of 78,471 vehicles, up 15% Y/Y.

Several models, including the Prius, Prius Prime, Camry HEV, Crown, and RAV4 HEV, saw strong triple-digit gains in the first quarter.

Total RAV4 sales were up 45.1% in March and 47.4% in the first quarter, while 4Runner sales surged by 70.4% in March and 60.2% in the first quarter.

Sienna sales also saw a significant increase of 53.2% in the quarter, while Tundra sales were up by 41.3% in March and 31.0% in the quarter.

“Thanks to our diverse portfolio of 27 electrified vehicle options between the Toyota and Lexus brands, customer demand for our products continued to grow in March and in the first quarter,” said Jack Hollis, executive vice president, sales, TMNA. “Our teams are preparing to launch more than 20 new, refreshed, or special edition vehicles later this year, including the all-new 2024 Tacoma with an available hybrid powertrain, plus the all-new 2024 Land Cruiser and 2025 Camry, both exclusively with hybrid powertrains, offering even more electrified options that fit customers’ lifestyles and needs.”