Toyota’s hybrid cars dominated last year with a 21.1% growth in global sales, according to the company’s year-end sales report. The company now offers hybrid versions of all its major models, including Camry, Land Cruiser, Sienna, Venza, and Sequoia. While Toyota has been slow to launch attractive electric vehicles, its hybrid dominance continues to expand.
Toyota’s expertise in hybrid technology, popularized by the Prius over 20 years ago, has made its hybrid cars reliable, efficient, and affordable. Despite criticism from some quarters, Toyota’s consistent improvement in hybrid powertrains has resulted in durable vehicles that outlast others. Hybrid cars may not be as clean as full electric vehicles, but they represent a significant improvement over traditional ICE vehicles. Additionally, Toyota’s focus on reliability has sometimes caused it to lag in adopting new technologies like turbocharging, but the company’s hybrid and plug-in hybrid offerings are performing well globally.
While Toyota’s electric vehicle sales are growing, they still have a long way to catch up with their hybrid sales. The company sold 139,832 electric vehicles globally last year, up 34.5% from the previous year, but still lagging behind competitors like Ford, Hyundai, General Motors, and Tesla. Toyota’s shift towards plug-in hybrid electric vehicles (PHEVs) is also gaining traction with global sales increasing by 23.4% year-on-year.
Despite a slowdown in hydrogen fuel cell vehicle (FCEV) sales, there is optimism for the future growth of electric vehicle fleets worldwide. As the EV market continues to evolve, hybrid vehicles remain a good option for those not ready or able to transition to full electric vehicles. Toyota’s commitment to innovation and sustainability is evident in its expanding electric vehicle lineup, showing promising growth prospects.
