Japanese auto giant Toyota Motor Corp‘s (NYSE:TM) Toyota and Lexus brand vehicle sales in North America rose 4.1% year-on-year in November to 241,662 units even as production in the region was more or less flat as compared to the corresponding period last year.
What Happened: Toyota and Lexus vehicle sales in North America were up year-on-year due to the strong customer turnout at stores on Black Friday after the presidential election, the company said.
Sales rose 4.8% to 207,226 units in the U.S., including Hawaii, and by about 16% in Mexico to make up for the 8% drop in sales in Canada. From the start of 2024, Toyota has sold nearly 2.5 million vehicles in North America as of November end, marking a growth of 5.4% as compared to the first 11 months of 2023.
Vehicle production, however, dwindled around the same levels as in November last year.
172,867 Toyota and Lexus vehicles were produced in North America in November, marking a drop of 0.8% as compared to Nov. 2023. Production dropped by nearly 12% in the U.S. alone.
Why It Matters: Worldwide sales of Toyota vehicles, including its Lexus brand, rose 1.7% to 920,569 units in November. The 3.2% rise in sales outside of Japan made up for the company’s 6.6% drop in sales within its home ground.
438,261 of the company’s sales in November were electrified, meaning they were hybrids, plug-in hybrids, battery electric vehicles, or mild hybrids. In North America alone, the company sold 114,831 electrified vehicles, marking a growth of 44% from November last year.
Overall vehicle production, however, dropped 6.2% year-on-year in November, marking ten consecutive months of production drop. Production fell by a steep 9.3% in Japan and by 4.6% outside the country.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next:
Photo courtesy: Shutterstock
