Currently, Toyota and Lexus hold nearly 60% of the U.S. hybrid vehicle market. With a drop in EV demand in the first half of 2024, Toyota is increasing its investment in hybrids. Hybrid sales surged by 66% to 410,000 units from January to June, largely due to the new Camry being sold exclusively as a hybrid.
Kevin Butt, Toyota Motor North America's regional environmental sustainability director, told Nikkei Asia that Toyota's hybrid range will expand in the coming years. He did not specify which key models will feature hybrid powertrains by 2030.
From January to June, Toyota held a 15% share of the total passenger car market in North America, with hybrids making up 33% of its total sales. By 2030, Toyota aims for approximately 80% of its North American sales to be electrified vehicles, including EVs. The potential return of Donald Trump to the presidency, who has opposed EV mandates, is a factor in Toyota's focus on hybrids.
Trump has criticized EVs, calling them a hoax and warning that the U.S. auto industry could suffer if Chinese carmakers dominate. Despite this, Trump has recently allied with Elon Musk, a prominent EV advocate. Musk, who endorsed Trump and plans to donate $45 million monthly to a pro-Trump organization, may try to influence Trump's stance on EVs if he returns to office.
Source: Nikkei Asia
