In a previous forecast for the fiscal year between April 1, 2023 and March 31, 2024, Toyota said it aimed to sell 202,000 battery electric vehicles, 137,000 plug-in hybrids and 3,497,000 classic hybrids. In its latest forecast, Toyota expects to sell 123,000 BEVs for the fiscal year, down 39.1% but still significantly higher than the 38,000 it sold in fiscal 2022-2023. Toyota has also lowered its sales forecast for hydrogen fuel cell EVs from 8,000 units to 5,000 units.
Over the next six months, however, Toyota expects sales of its PHEVs to increase to 141,000 units, while HEVs should rise to 3,598,000 units. All told, the Japanese automaker believes its electrified vehicles will account for 37.2% of its total Toyota and Lexus brand sales, up from 29.6% last year.
While discussing the revised forecast during Toyota's most recent financial results, Chief Financial Officer Yoichi Miyazaki noted that the EV price war in China played a role in the company's sales revisions. He said that Toyota will look to boost profitability in China by increasing the supply of hybrid models, while many rivals are cutting prices and facing lower margins. He added that the company's wide range of powertrain options has also allowed it to avoid the price war.
“Another major point is the careful timing of our investment decisions,” he said. “Our comprehensive assessment of investments in BEVs and batteries while considering the energy situation and infrastructure in each country, the evolution of technology and changes in actual customer demand has enabled us to achieve a strong financial foundation upon which we can promote investments for the future.”
Source: Automotive News
