PLANO, Texas - Toyota Motor North America (NYSE:TM), which generated $322.8 billion in revenue over the last twelve months with a healthy gross margin of 19.48%, announced a significant increase in electrified vehicle sales for the year 2024, reaching a milestone of over a million units sold, a 53.1 percent surge from the previous year. Electrified vehicles now account for 43.1 percent of the company's total sales volume, showcasing consumer demand for more sustainable transportation options.
Despite a challenging fourth quarter with a decrease in overall vehicle sales, Toyota's electrified models, which include hybrids, plug-in hybrids, and battery electric vehicles, continued to gain traction. According to InvestingPro data, Toyota remains profitable with a P/E ratio of 9.91, though technical indicators suggest the stock is currently in overbought territory. The company offers a diverse lineup of 30 electrified vehicles across the Toyota and Lexus brands, the most of any automaker, and anticipates maintaining its position as the top seller of passenger vehicles for the 13th consecutive year.
The Toyota brand alone reported 883,426 electrified vehicle sales in 2024, marking an all-time high and a 56.1 percent increase from the previous year. Models such as the Camry, RAV4, and the Corolla Cross HEV contributed to this growth, with notable spikes in sales for the RAV4 HEV and the Corolla Cross HEV.
Lexus, Toyota's luxury division, also celebrated its best-ever full-year sales result in its 35-year history, with 123,035 electrified vehicles sold in 2024, up 34.4 percent from 2023. The RX model is projected to retain its title as the top-selling mid-luxury SUV for the 26th consecutive year.
Toyota's commitment to electrification extends beyond sales figures. The company has announced nearly $21 billion in new investments into U.S. manufacturing operations to support its electrification efforts. While InvestingPro analysis indicates Toyota operates with a significant debt burden, the company has maintained dividend payments for 46 consecutive years, demonstrating financial resilience. In 2025, a new $13.9 billion facility in North Carolina is set to begin battery production for electrified vehicles.
The report also highlighted the success of Toyota's digital retail platforms, Smartpath for Toyota and Monogram for Lexus, as well as the expansion of Smartpath and Monogram Service. These initiatives reflect the company's focus on improving customer experience and adapting to evolving market demands. For deeper insights into Toyota's financial health and additional ProTips, visit InvestingPro.
The information for this article is based on a press release statement from Toyota Motor North America.
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