Toyota, the world’s top selling automaker, continues to dominate the US market with its iconic RAV4. Despite the Tesla Model Y’s popularity, the RAV4 remains a consistent bestseller, selling nearly 1,500 units per business day. In September alone, Toyota sold 31,296 RAV4s in the US, surpassing the 2023 sales figure by over 10,000 units.
The Camry, another Toyota stalwart, also performed well, with sales of 22,934 units in September. This represents a daily average of 1,092 units, bringing the total sales for 2024 to 227,576. Toyota’s sales in the US have increased by 38.7% in 2024 compared to the previous year, solidifying its position as the leading retail brand.
However, Toyota’s dominance is primarily driven by its internal combustion engine (ICE) vehicles. While the company was a pioneer in hybrid technology with the Prius, it has been slower to transition to fully electric vehicles. Its first EV, the bZ4X, launched in 2022 but has struggled to gain traction, with only 1,324 units sold in September. This lack of EV success has led Toyota to delay plans for its first US-made electric car until 2026.
Toyota has delayed the production of its upcoming three-row electric SUV, originally slated for late 2025. The automaker had planned to invest $1.3 billion in its Georgetown, Kentucky plant to retool it for the production of the zero-emission model. While the reasons for the delay remain unclear, it echoes a similar path taken by Ford, which recently scrapped plans for its three row electric SUV due to perceived market hesitancy towards EVs.
Ford’s decision to abandon its three-row electric SUV highlights the challenges faced by automakers as they transition to electric vehicles. Despite the growing popularity of EVs, many consumers remain hesitant to make the switch due to concerns about factors such as range, charging infrastructure, and cost.
Additionally, the ongoing global semiconductor shortage has disrupted production schedules for both traditional and electric vehicles, further delaying the rollout of new models. Toyota’s delay in producing its electric SUV is a setback for the automaker’s electrification plans. However, it is not alone in facing challenges in this area.
Other automakers, including General Motors, Volkswagen, and Hyundai, have also experienced delays or setbacks in their EV development and production. As the automotive industry continues to evolve, it is clear that the transition to electric vehicles will not be without its obstacles.
