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Toyota's Hybrid Triumph: Surging Sales Amidst EV Limp

Toyota's Hybrid Triumph: Surging Sales Amidst EV Limp
Toyota's Hybrid Triumph: Surging Sales Amidst EV Limp

Toyota's Hybrid Sales Surge Amidst Lagging EV Growth

Toyota's focus on hybrid technology has proven to be a winning strategy, as the automaker's hybrid sales have skyrocketed. Sales of Toyota's electrified vehicles, including hybrids, increased by an impressive 76.4% in the first three months of 2024. This growth was driven by strong demand for models like the Prius Prime, Camry Hybrid, Crown, and Rav4 Hybrid.

Sister company Lexus also experienced a significant increase in electrified sales, with a volume growth of over 60%. Together, Toyota and Lexus's electrified vehicles accounted for over 36% of their total sales in both March and the first quarter.

However, while Toyota's overall electrified sales saw substantial growth, its fully electric models have not kept pace. The Toyota BZ4X electric car, launched in 2023, sold just over 1,800 units in the first three months of 2024. Although this represents an 11% increase over the previous year, it falls short of the impressive EV growth witnessed by competitors such as Hyundai and Kia.

GM's Sales Dip Despite Truck Gains

In contrast to Toyota's success, General Motors experienced a 1.5% decline in overall sales during the first quarter of 2024. However, the automaker saw growth in its truck segment, selling 197,000 full-size trucks in the first three months of the year.

Despite this increase, GM faced a decline in fleet sales, which plummeted 23% due to production issues that impacted the output of smaller trucks and cargo vans.

Xiaomi Begins Deliveries of Its First Electric Car

Chinese tech giant Xiaomi has made its foray into the automotive market with the launch of its first electric car, the SU7. Over 100,000 orders have been placed for the vehicle, which features a limited-edition Founder's Edition before a wider rollout.

Analysts p

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