Toyota EV Sales Surge 139% in March, Q1 Volume More Than Doubles Year-Ago

According to data released by Toyota, its battery electric vehicle (BEV) sales reached 35,524 units in March 2024, a 139% year-over-year increase compared to 14,865 units in the same period of 2023. Sales in January and February 2024 also saw significant year-over-year growth, reaching 22,306 and 21,172 units respectively, up from 11,895 and 7,970 units during the same months last year. Driven by this momentum, Toyota’s total BEV sales for the first quarter of 2024 amounted to 79,002 units—more than double the 34,730 units sold in the same period of 2023. Analysts note that international oil prices have remained elevated since March, leading to a sharp rise in fuel costs and prompting more consumers to switch to battery electric vehicles, which offer lower operating expenses.