Toyota Beats GM in Vehicle Sales for the First Time
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Toyota recently reported its financial results for the April-to-June quarter, according to Cox Automotive. The automaker’s success proves that gas-powered cars still have a strong place in the market. Toyota has surpassed GM in sales even as they reduced car-buying incentives.
Toyota soars above other automakers in sales
Toyota’s overall sales, which includes the Toyota and Lexus brands, increased close to 70% to 688,813 units. This beats their previous record-high in 2015 by close to 46,000. It’s the first time that Toyota surpassed 600,000 vehicles sold.
The Toyota RAV4 was the model with the lowest inventory this past quarter. However, the RAV4 still recorded a 25% sales increase. The Camry sedan almost doubled its previous year’s sales. The Corolla also recorded its highest number of sales since 2018 at 76,327 units.
Many other models, such as the Highlander SUV, Sienna, CH-R, 4Runner, and Sequoia also had great sales performance. Although the Land Cruiser is now being discontinued, it also recorded an increase in sales. The Tacoma pickup had extremely low supply this quarter but still managed a 42% sales increase.
The full-size Tundra pickup truck had the lowest sales figure and was the only model with a drop in units sold. Toyota has discontinued the production of the Tundra to pave the way for a new generation model coming later this year.
These sales results are even more impressive since Toyota has reduced many of its vehicle incentives.
The prices for Toyota models also increased
The average transaction price (ATP) for Toyota-branded vehicles rose 5% to $35,416. The highest gain was from the new Sienna.
Although there was a decrease in demand and supply, the Tundra’s ATP increased by 7%. For the first time, its price surpassed $50,000. The 86 and the Yaris were the only models without an increase in ATP.
Toyota’s incredible performance in the market comes as no surprise. The brand produces some of the most reliable and affordable cars.
There’s still a huge demand for conventional cars
The Japanese automaker has bested GM in sales for the first time while having the lowest inventory for its two brands. Although marketing and sales executives think that Toyota can make more sales in the upcoming years, they note that the winning position will not be long-term.
However, these sales results show that conventional cars are still in high demand, even with the rise of electric vehicles. These brands are popular with buyers that want cars with high resale value.
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