Sunday, April 21, 2024
NewsTesla Down, Toyota Up: Is This Toyoda's "Gotcha" Moment on EVs?

Tesla Down, Toyota Up: Is This Toyoda’s “Gotcha” Moment on EVs?

Is there more to the industry than share price?

  • Is Toyota’s Toyoda right about EV failure?

  • Wider market shows strong electric results

Electrified Toyota sales are up, while Tesla sales are down. Is this an I told you so moment for the Japanese automaker, or is Tesla simply facing real competition for the first time?

Earlier this week, Tesla announced its first quarter vehicle deliveries and the news wasn’t good. Analysts expected nearly 457,000 and the company expected something similar, but the actual figures were 386,810. Down 8.5 percent from Q1 of 2023 and the company’s first year-over-year decline since pandemic stoppages.

Toyota Motor North America reported 565,098 sales, up 21.8 percent from a year before. Crucially, sales of electrified models, which is a blend of hybrids, PHEVs, and EVs, were up 74 percent. 36.6 percent of the company’s total volume was electrified.

If you’re Toyota, which has long said that EVs are not only not ready but will never be ready for most buyers, this might seem like vindication. Toyota’s stock has surged since the start of this year, up 41 percent, while Tesla shares are down 35 percent over the same time frame.

But there is more to the story. Tesla’s sales might be struggling, but other EV automakers are doing well. Chinese rival BYD saw sales plummet in the first two months of this year, but price cuts have sent them rebounding in March to near-record highs.

Hyundai USA reported its EV sales up significantly in Q1, with Ioniq 5 up 18 percent and the Ioniq 6 up 1,542 percent. Kia USA has sold 4,000 copies of each of the EV6 and EV9, again showing significant growth. Even at Ford and GM, which have been very bearish on EVs of late, sales are up. Ford Mach-E was up 77 percent and Lightning up 80 percent, making the brand the second-highest seller of EVs in America. Cadillac Lyriq sales are up to over 5,000 in the quarter, and GM has more EVs coming online this summer.

Even Toyota’s own BEVs are selling well. The bZ4X and RZ both showed record highs with 1,897 and 1,603 for the quarter.

So while Toyota brags about its hybrid numbers and slags on EVs and Tesla disappoints with its delivery numbers, there’s more to the story. EV sales continue to grow, and even Toyota is looking to get more battery cells in a hurry and is working on solid-state next-gen tech.



Trending Now


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.