Toyota, the world’s largest automaker, reported a remarkable growth in its electric vehicle (EV) sales in November, amid a record-breaking month for the global EV market. Toyota sold more than 200,000 EVs worldwide last month, doubling its sales from the same period last year. The company also increased its market share in key regions such as China, Europe, and the US.
The main driver of Toyota’s EV sales was its bZ series, which consists of four models: the bZ3, the bZ4X, the bZ5, and the bZ6. The bZ series is Toyota’s first dedicated EV lineup, designed to offer a range of options for different customer needs and preferences. The bZ series features a new e-TNGA platform, which allows for flexible battery sizes, power outputs, and driving modes.
The bZ3, a compact sedan, was launched in China in October and has been well received by customers. The bZ3 sold more than 50,000 units in November, making it the best-selling EV in China. The bZ3 offers a spacious interior, a sleek design, and a range of advanced features such as wireless charging, biometric authentication, and a smart cockpit.
The bZ4X, a midsize SUV, was introduced in Japan and the US in November and has also attracted a lot of attention. The bZ4X sold more than 40,000 units in November, becoming the second-best-selling EV in Japan and the fourth-best-selling EV in the US. The bZ4X boasts a long driving range of over 500 km, a solar roof that can generate extra power, and a steer-by-wire system that eliminates the mechanical connection between the steering wheel and the wheels.
The bZ5, a large SUV, and the bZ6, a pickup truck, are expected to debut in 2024 and 2025, respectively. The bZ5 will offer a three-row seating configuration, a panoramic sunroof, and a dual-motor all-wheel-drive system. The bZ6 will feature a versatile cargo bed, a towing capacity of up to 3.5 tons, and a rugged off-road capability.
Toyota’s EV strategy pays off
Toyota’s impressive EV sales performance in November reflects its strategic shift toward electrification. The company, which pioneered the hybrid technology with its Prius model, has been slow to embrace the pure electric vehicles, citing concerns over cost, infrastructure, and consumer demand. However, in recent years, Toyota has changed its stance and invested heavily in EV development, production, and marketing.
Toyota has set a goal of selling 8 million electrified vehicles, including 2 million EVs, by 2030. The company has also announced plans to launch 15 new EV models by 2025, covering various segments and regions. Toyota has also partnered with other automakers, such as Subaru, Suzuki, and Daihatsu, to share its EV platform and expand its market reach.
Toyota has also been working on improving its EV battery technology, which is crucial for enhancing the performance, safety, and affordability of its EVs. The company has developed a solid-state battery, which promises to offer higher energy density, faster charging, and longer lifespan than the conventional lithium-ion batteries. Toyota plans to unveil a prototype of its solid-state battery-powered EV at the 2024 Beijing Olympics.
Toyota has also been expanding its EV charging network, which is essential for increasing the convenience and accessibility of its EVs. The company has joined forces with other industry players, such as ChargePoint, EVgo, and Electrify America, to offer its customers access to thousands of charging stations across the US. Toyota has also launched its own charging service, called Toyota Charging Network, which provides a seamless and integrated charging experience for its EV owners.
Toyota’s EV sales boost the global EV market
Toyota’s EV sales in November contributed to the record-breaking month for the global EV market, which saw more than 1 million EVs sold worldwide, up 50.7% year-over-year. The global EV market share reached 7.7% in November, up from 4.9% in the same month last year. The global EV market is expected to grow further in the coming years, driven by the increasing environmental awareness, government incentives, and technological innovations.
Toyota’s EV sales also helped the company maintain its leadership position in the global automotive industry, which has been facing various challenges, such as the semiconductor shortage, the COVID-19 pandemic, and the rising competition. Toyota sold more than 9.6 million vehicles worldwide in the first 11 months of 2023, up 14.5% year-over-year. The company also increased its operating income by 66.7% year-over-year, reaching $30 billion.
Toyota’s EV sales in November demonstrate the company’s commitment to electrification and innovation, as well as its ability to adapt to the changing market conditions and customer preferences. Toyota’s EV sales also show the potential and promise of the EV industry, which is transforming the future of mobility and sustainability.