Toyota sold over 100,000 EVs last year, but that’s still less than 1% of its total sales
Although Toyota held its title as the top-selling automaker, the industry is shifting beneath it. Toyota sold over 100,000 EVs in 2023, but that’s still less than 1% of the record 11.2 million vehicles handed over last year.
Toyota sold 104,018 EVs in 2023: Is it enough?
The automaker announced its 2023 global sales results Tuesday, showing over 11.2 million vehicles were handed over last year.
Between the Toyota and Lexus brands alone, a record 10.3 million vehicles were sold in 2023.
Toyota’s global EV sales reached 104,018 in 2023, up 325% from 2022. Despite the triple-digit growth, Toyota only sold 24,000 EVs globally in 2022. That said, all-electric models only accounted for 0.93% of its total 11.2 million vehicles handed over last year.
Meanwhile, Toyota’s hybrid and ICE sales continue to dominate the greatest share. Toyota sold over 3.4 million hybrids (+31% YOY) and 26,859 MHEVs (+494%) last year.
The automaker also sold 3,921 FCEVs, down 0.1% from 2022. Altogether, Toyota’s “electrified” sales amounted to nearly 3.7 million. That’s almost a third of the vehicles Toyota handed over last year. This means the other two-thirds were gas-powered.
Rival Volkswagen sold 394,000 EVs last year, accounting for 8% of its total sales. Although this is still relatively low, it shows how far behind Toyota is falling as the market transitions to electric.
Toyota has bigger issues as chairman Akio Toyoda apologized for recent scandals brought to light at its affiliates.
He said: “I would like to express my deepest apologies to our customers and stakeholders for the inconvenience and concern caused by the successive irregularities at Hino Motors, Daihatsu, and Toyota Industries.”
Toyoda revealed a new vision as the company looks to earn the trust of customers and investors.
Electrek’s Take
Although Toyota remained the top-selling automaker this year, you can see the thin ice starting to melt beneath it.
With EVs accounting for less than 1% of total sales last year, Toyota is far behind the competition, with most already hitting double-digit or 100% EV sales by now.
Tesla’s Model Y topped the RAV4 and Corolla to become the best-selling vehicle globally last year.
Despite the record performance in 2023, Toyota’s lack of all-electric options will likely take its toll in major markets like North America, Europe, and China going forward.
During a lecture last week, Toyoda said he believes EVs will never surpass 30% market share “no matter how much progress BEVs make.” The remaining 70% will be HEVs, FCEVs, and gas-powered. Toyota insisted, “And I think engine cars will definitely remain.”
Meanwhile, several markets, including Norway (82.4% EV share), Sweden (32%), The Netherlands (24%), and China (24%), are already well above or about to reach the mark.
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The US Department of Energy (DOE) today announced $1.2 billion in financing to replace Puerto Rico’s fossil fuel plants with solar and battery storage through 2032.
The DOE’s Loan Programs Office announced two conditional commitments and one loan closing to power producers in Puerto Rico. Each supports a project contracted with the Puerto Rico Electric Power Authority. The announcements include:
- The closing of a $584.5 million loan guarantee to subsidiaries of Convergent Energy to finance a 100 MW solar farm with a 55 MW (55 MWh) battery energy storage system (BESS) in the municipality of Coamo and BESS installations in the municipalities of Caguas (25MW/100MWh), Peñuelas (100MW/400MWh), and Ponce (up to 100MW/400MWh)
- A conditional commitment for a loan guarantee of up to $133.6 million to a subsidiary of Infinigen for a 32.1 MW solar farm with an integrated 14.45 MW (4.76 MWh) BESS, and a co-located standalone 50 MW (200 MWh) BESS expansion in the municipality of Yabucoa
- A conditional commitment for a loan guarantee of up to $489.4 million to a subsidiary of Pattern Energy for three stand-alone BESS in the municipalities of Arecibo (50 MW/200 MWh), and Santa Isabel (50 MW /200 MWh and 80 MW/320 MW), and a 70 MW solar farm with an integrated BESS in the municipality of Arecibo.
If all are finalized, these projects would more than double LPO’s support for utility-scale solar generation and battery energy storage in Puerto Rico.
LPO provides low-cost financing and a rigorous due diligence process, making it a valuable resource for Puerto Rico as it works to rebuild an affordable, reliable, and clean energy system. As a result of reliance on imported fuel, the persistent threat of tropical storms, and underinvested infrastructure, Puerto Ricans today face average energy costs that are twice the US average – all while consuming only one-quarter of the energy of the US per capita.
LPO’s initial loan to a power producer in Puerto Rico, Project Marahu, closed in October 2024, and when complete will add more than 200 MW of solar and up to 285 MW of stand-alone energy storage to Puerto Rico’s grid.
Through its September 2023 partial loan guarantee to Project Hestia, LPO also supports virtual power plant (VPP)-ready rooftop solar and battery storage installations in Puerto Rico. As a nationwide project, Hestia’s sponsor is committed to at least 20% of installations under Project Hestia going to homeowners in Puerto Rico.
As part of its procurement plan, Puerto Rico Electric Power Authority seeks to install 1,500 MW of battery storage and requires a minimum capacity of storage to be co-located with each utility-scale solar project. Energy storage systems currently online in Puerto Rico are being dispatched every day.
When including Marahu, LPO’s closed and conditionally committed financing supports over 100% of the capacity Puerto Rico Electric Power Authority aimed to procure under its initial request for energy storage project proposals, the first of six.
Read more: Cleantech investments to top fossil fuels for the first time in 2025
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Chevy just introduced new deals on the Equinox and Blazer EV models to make them even more affordable. With 0% interest and a new trade-in bonus, Chevy is offering over $5,000 in savings.
Chevy adds new Equinox and Blazer EV deals in January
Although the Chevy Equinox EV is already “the most affordable” EV in its class with over 315 miles range, it’s getting even cheaper.
Earlier this week, Chevy launched new deals on the 2024 Equinox and Blazer EV models. According to a note sent to dealers, viewed by CarsDirect, the electric SUVs are now available with 0% APR financing for 60 months. You can also choose from 0.9% AP for 72 months and 2.9% APR for 84 months.
This marks the best financing offer on Chevy’s newest EVs to date. The previous best rates were 0.9% APR for 60 months, 3.9% for 72 months, and 5.9% for the longer 84-month option.
On a 7-year $45,000 loan, online auto research firm CarsDirect estimates the new deals amount to around a $5,200 price cut. The lower APR rates are already offered on the Chevrolet Silverado EV pickup.
In addition, Chevy is offering a trade-in bonus of up to $3,000 on the Silverado EV and $1,000 on the electric Equinox and Blazer models. If you choose to lease, the bonus is cut in half: $1,500 for the Silverado and $500 for the electric SUVs.
Chevy’s new EV deals started on January 14 and run through March 3, 2025. The deals come as rivals like Hyundai and Ford recently launched new EV promotions.
On Thursday, Hyundai launched a new promo on the upgraded 2025 IONIQ 5, which includes monthly leases as low as $199 and a free ChargePoint home EV charger (or $400 charging credit). Meanwhile, Ford extended its “Power Promise” program earlier this month, which also includes a free home charger, among several other benefits.
The 2024 Chevy Equinox EV started at $41,900 with up to 315 miles range. Prices for the electric Chevy Blazer start at $43,690 with up to 279 miles range.
If you are ready to try out Chevy’s new electric SUVs for yourself, we’ve got you covered. You can use our links below to view offers on the Chevy Equinox, Silverado, and Blazer EV models near you.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss non-Tesla EVs getting Supercharger access, Cybertruck sales in the spotlight, Rivian getting some money from Biden, and more.
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