Toyota Motor Corporation’s TM shares traded slightly lower on Tuesday following the release of their U.S. September and third-quarter sales results. Toyota Motor North America (TMNA) reported a 20.3% drop in September sales volume, totaling 162,595 vehicles. However, the company saw a positive trend in electrified vehicle sales, which accounted for 48.4% of total sales, representing a 22.4% increase in volume. This growth is attributed to the company’s diverse portfolio of electrified vehicles, including hybrids, plug-in hybrids, pure electrics, and fuel cells.
Breaking down the results further, Toyota division sales declined by 21.1% in September, while Lexus division sales dropped by 14.5%. However, when considering the third quarter as a whole, Lexus division sales showed impressive growth, increasing by 8.1% in volume. This positive performance reinforces the strong demand for Lexus vehicles, particularly with the company’s growing lineup of electrified options.
Jack Hollis, executive vice president of Sales at TMNA, highlighted the company’s commitment to electrified vehicles and the positive impact they are having on overall sales. He also expressed confidence in the company’s performance for the remainder of the year, noting the success of the new Toyota Camry hybrid and the continued strong demand for Lexus vehicles. Despite the overall sales decline, Toyota’s commitment to electrification and its strong performance in key segments suggest a positive outlook for the company in the long term.
