The carmaker had originally planned to sell 202,000 BEVs for the 2023-2024 fiscal year
This year has been quite a fruitful one for Toyota with sales and profits climbing through the first eight months of the year. However, this doesn't include the company's EV sales, as it has significantly reduced its sales expectations for battery-electric vehicles. In a previous forecast for the fiscal year running between April 1, 2023, and March 31, 2024, Toyota said it was aiming to sell 202,000 battery electric vehicles, 137,000 plug-in hybrids, and 3,497,000 traditional hybrids.
2% share of its total sales across the Toyota and Lexus brands, an increase from the 29.6% of last year. While speaking about the revised forecast during Toyota’s most recent financial results, chief financial officer Yoichi Miyazaki noted that the EV price war in China played a role in the firm’s sales revisions. He said that Toyota will look to bolster profitability in China by increasing the supply of hybrid models while many rivals cut prices and encounter lower margins.
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