Sales surge globally in Toyota’s (TM) first half

Toyota Motor (NYSE: TM) released their sales, production, and export results for the first half of 2023 on Friday, reporting 4.9 million units sold, a 5.1% increase compared with the same period last year.

During the month of June, there was a notable 10% increase in global sales, reaching 898,947 units. This growth was primarily driven by rising demand, particularly for electrified vehicles like hybrids, in key markets like the United States and Europe. Sales of hybrid electric vehicles saw an impressive 37.6% year-on-year growth, totaling 292,131 units. These hybrids accounted for nearly one-third of all vehicles sold worldwide in the past month.

The automaker sold 10,191 battery electric vehicles worldwide in June, including its Lexus brand. Of these, about 5,000 were sold in China. As a result, the total number of battery-powered vehicles sold in the first half of 2023 soared to an impressive 46,171 units.

"We continue to focus on customers' needs with several new and refreshed products in the first half of the year,” said Jack Hollis, executive VP of Sales for Toyota North America.

"Our teams are working around the clock to get vehicles into customers' hands and they can expect even more exciting and electrified products later this year, including the all-new Grand Highlander, Toyota Tacoma and a new nameplate from Lexus, the TX."

Shares of TM are up 0.77% in pre-market trading on Friday.

By Michael Elkins | [email protected]

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