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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.

Toyota-EVs-2023
2024 Toyota bZ4X XLE FWD (Source: Toyota)

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.

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Akio Toyoda presents new EV concepts in 2021 (Source: Toyota)

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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Toyota’s new bZ SUV starts at under $35,000 and it’s bringing some serious upgrades

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Toyota's new bZ SUV starts at under ,000 and it's bringing some serious upgrades

Toyota’s new electric SUV boasts significantly more range, a revamped interior and exterior, and an NACS port, allowing you to recharge at Tesla Superchargers. Despite the upgrades, the 2026 Toyota bZ now starts at under $35,000.

2026 Toyota bZ electric SUV prices and range by trim

The bZ4X, Toyota’s first electric SUV, has been killed off and replaced with the upgraded bZ. Toyota improved it in almost every way possible for the 2026 model year, adding driving range, more features, a fresh new look, and more.

Even with the upgrades, the new and improved Toyota bZ is cheaper than the outgoing bZ4X. Toyota revealed prices for the 2026 bZ electric SUV will start at $34,900, or $2,170 less than the outgoing model.

That’s for the base XLE FWD trim with a 57.7 kWh battery, good for 236 miles range. Upgrading to the extended-range bZ XLE FWD Plus will cost $37,900, but a larger 74.7 kWh battery provides up to 314 miles of driving range, representing a 25% improvement over the 2025 model year.

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2026 Toyota bZ electric SUV (Source: Toyota)

For AWD, prices start at $39,900. Thanks to new SIC semiconductors, AWD models now pack up to 388 hp, 50% more than the outgoing electric SUV.

The range-topping 2026 Toyota bZ Limited FWD trim starts at $43,300, while upgrading to AWD will cost you an extra $2,000.

2026 Toyota bZ trim Battery Range Starting Price*
XLE FWD 57.7 kWh 236 miles $34,900
XLE FWD Plus 74.7 kWh 314 miles $37,900
XLE AWD 74.7 kWh 288 miles $39,900
Limited FWD 74.7 kWh 299 miles $43,300
Limited AWD 74.7 kWh 278 miles $45,300
2026 Toyota bZ prices and range by trim (*excluding $1,450 DPH fee)

Toyota’s new electric SUV now features a built-in NACS port, allowing you to recharge at Tesla Superchargers. With a new thermal management system and battery preconditioning, the bZ can charge from 10% to 80% in about 30 minutes.

The new electric SUV features a fresh look both inside and out. Like the latest Camry and Crown, the bZ features Toyota’s new “hammerhead front end design” with an LED light bar across the front.

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The interior of the 2026 Toyota bZ (Source: Toyota)

Inside, the 2026 bZ gets a redesigned center console and a larger 14″ Toyota Audio Multimedia touchscreen, two wireless phone chargers, and an improved dashboard.

Toyota said dropping the “4X” at the end of the name was to simplify things for buyers. The 2026 models are expected to begin arriving at dealerships in the second half of 2025, which could be any day now.

With the 2026 model year arriving soon, Toyota is offering clearance prices on the 2025 bZ4X with up to $12,000 off in lease cash. You can use our link to find Toyota bZ4X models in your area (trusted affiliate link).

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CASE eliminates “messy middle” worries with ZQUIP battery swap tech

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CASE eliminates

Amid the alliterative, anti-EV “messy middle” rhetoric and the Trump Administration EPA’s ongoing regulatory rollbacks, it’s been tough for fleet and equipment buyers with 8-12 year replacement cycles to make sense of where things are headed – but a new partnership between CASE Construction Equipment and ZQUIP could put those concerns to rest (and make a trip to the CASE dealer a no-brainer).

iVT reports that CASE Construction Equipment has formalized a new partnership with ZQUIP to deliver heavy equipment assets featuring ZQUIP’s swappable energy modules – self-contained power units that could be batteries, fuel cells, or diesel engines. The technology aims to eliminate range and regulation anxiety while maximizing a job site’s energy efficiency and meeting the complex demands of modern construction projects with unprecedented flexibility. And, crucially, at a lower cost than either a mixed BEV/ICE fleet.

“A fully integrated battery system is extremely expensive upfront,” explains Chris LaFleur, managing director of ZQUIP. “This system allows (customers) to buy essentially a bare tool, at a much lower price point.”

For the uninitiated, a “bare tool” is effectively an equipment asset like an excavator or wheel loader that arrives on a job site without a power plant. It’s not electric, it’s not diesel, it’s not natgas – it’s just the machine, with a flat “plate” more or less where you’d expect an engine to be.

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Once you’re ready to put that tool to work, a ZQUIP Energy Module gets dropped in, cordless-tool style, and it’s ready to go. That Energy Module could be a contained battery-electric powertrain, or it could be a generator, depending on the energy needs, duty cycles, or regulations (both noise and emissions) that are in play at that specific site.

And, like their hand-held Ryobi cousins, you don’t need as many ZQUIP Energy Modules as you need bare tools. In practice, that means you’re not tying up hundreds of kWh of battery capacity in idle machines.

“The customer decides how he wants to use it,” says Eric Zeiser, product portfolio manager at CNH Industrial, CASE’ parent company. “If he wants to keep his cost low in the beginning, he can buy just one energy module. He could buy the simplest module available to keep his initial purchase price down. And then, in the future, if in six months he realizes his job sites are bigger, he needs more power, he buys the second and third module as he needs to.”

What’s more, different sized equipment assets have different energy needs – and bigger equipment means bigger possibilities. So, while a CASE WX155ZQ wheeled excavator accommodates two energy modules, a CX210ZQ tracked excavator supports three. “On the three-bay CX210 you can have an LFP battery, an NMC battery and a diesel hybrid Energy Module, all together working at the same time,” says LaFleur.

More energy needs = more options


Animation provided by ZQuip, via Moog.

Batteries when it makes sense, ICE when you need it. But, even with an ICE generating the power, the machine is still electric.

“The excavators are always electric,” says Rob Bauer, engineering manager for ZQUIP. “The question is, where does the energy come from? In an optimum case, when you have a normal workday, you’re pulling all the energy out of a battery, and that’s a great day. Everything’s perfect. On the other hand, if you’re in a difficult site, or you have to work a lot of hours in a day, we give you options.”

That’s not just options for the operator, it’s options for the OEM as well.

Growing the CASE EV family


CASE CE compact EVs; via CASE.

For CASE Construction Equipment and its parent company, CNH Industrial, the ZQUIP partnership represents a strategic expansion, enabling it to grow the brand’s beyond existing compact electric offerings without sacrificing round-the-clock capability or requiring a utility-scale supply of new battery materials.

“CNH has always been a leader in sustainability, and we have a full range of compact electric vehicles, but we didn’t have a solution for heavy machinery until now,” says Egidio Galano, director of construction equipment product management for Europe at CNH Industrial.

The new partnership builds on an established relationship between the companies dating back to 2019. CASE’ 580EV electric backhoe loader, released in 2024 as the industry’s first production-ready purpose-built electric backhoe, utilizes the TerraTech platform from Moog (ZQUIP’s parent) for electric motion control and served as ZQUIP’s initial tester.

Since then, the project has continued to evolve, with the potential to grow to even bigger, more capable heavy machinery offerings. No word yet on pricing.

SOURCES | IMAGES: ZQUIP, via iVT.


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The Hyundai IONIQ 3 is almost here, and it sounds like a real game changer

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The Hyundai IONIQ 3 is almost here, and it sounds like a real game changer

Hyundai will introduce the IONIQ 3 in less than a month. It’s expected to be more affordable than the Kona Electric, but Hyundai’s new EV will be much more advanced.

When will Hyundai launch the IONIQ 3?

We will see the IONIQ 3 for the first time at the Munich Motor Show in early September. Although Hyundai Europe’s CEO, Xavier Martinet, claims its IONIQ series is now the number two EV brand behind Tesla, this could be just the start.

Martinet told TopGear that the Inster EV and IONIQ 3 “are cheaper, so they’ll give us total coverage of the EV market.

The new EV, expected to arrive as the IONIQ 3, will sit between the Inster EV and Kona Electric in Hyundai’s lineup. According to TopGear, the IONIQ 3 will be slightly smaller than the Kona Electric, but more advanced. In the UK, the Hyundai Kona starts at £34,995 ($47,000), so prices are expected to start at about the same or even slightly less.

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Hyundai-IONIQ-3
The Hyundai Inster EV (Source: Hyundai)

Like the Kia EV3, the UK’s best-selling retail EV through the first half of the year, the Hyundai IONIQ 3 is expected to be offered with 58.3 kWh and 81.4 kWh battery pack options for a WLTP range of about 260 and 365 miles.

Instead of the 800V electrical system used in the IONIQ 5, 6, and 9 models, the IONIQ 3 will use a cheaper 400V setup.

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Kia EV3 Air in Frost Blue (Source: Kia UK)

The interior will feature Hyundai’s latest software and new Pleos operating system, offering a smartphone-like user interface.

To save on costs, Hyundai will build the IONIQ 3 at its plant in Turkey. Martinet wants Hyundai to be just as big in the EV market as it is with gas and hybrid vehicles. Regarding EV sales, he explained that it “isn’t an absolute race but a race against the other manufacturers. We want the same share in all types of powertrain.”

Hyundai-IONIQ-3
Hyundai’s next-gen infotainment system powered by Pleos (Source: Hyundai)

Although adoption has been slower than some expected, Martinet still said, “people don’t go back to ICE” after owning an EV.”

Hyundai is expanding its lineup with new low-cost EVs, but still plans to continue selling gas-powered, plug-in hybrid (PHEV), and fully electric (EV) vehicles. It’s also looking to introduce extended-range electric vehicles (EREVs), which use a gas engine to power the battery.

Although the IONIQ 3 isn’t expected to arrive in the US, thanks to the new tariffs on imports, Hyundai still offers some of the most affordable EVs on the market.

After cutting prices again last month, the new 2025 Hyundai IONIQ 5 can now be leased for as low as $179 per month. It’s hard to find any monthly lease under $200, but for a $45,000 electric SUV, it’s a steal.

The Kia EV3 is already a top-selling electric vehicle in Europe and the most popular retail EV in the UK this year. Will Hyundai top it with the IONIQ 3? We’ll find out more soon. Stay tuned.

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