The Japanese automaker has revised plans for the current fiscal year (lasting from April 1, 2023 to March 31, 2024). Toyota initially said it would sell 202,000 pure electric cars, 137,000 plug-in hybrids, 3,497,000 conventional hybrids and 8,000 hydrogen cars, but now the forecast is different. In reality, the demand for models without internal combustion engines turned out to be much lower.
Toyota’s chief financial officer explained that the “price war” in China has forced the corporation to reconsider its electric vehicle sales plans so as not to sacrifice profits. New forecast for the current year – sales of 123 thousand electric vehicles (-39%), 141,000 plug-in hybrids (+2.9%), 3,598,000 conventional hybrids (+2.9%) and 5,000 hydrogen models (-37 ,5%).
The Japanese concern refocused on hybrid models so as not to compete with Chinese brands and Tesla. Toyota’s chief financial officer noted that “a wide range of powertrain options allowed the corporation to avoid price wars.” In general, by the end of the year the share of electrified Toyota and Lexus models will increase from 29.6% to 37.2%.
Toyota closed the third quarter of 2023 with a record result. Sales increased to 5.6 million vehicles (+8.3%), which is a historical high. The corporation completed the first half of the year with a ten percent increase in sales, so the current calendar year should be the most successful in Toyota’s history.
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