The very fact Toyota is shifting too slowly towards electrification has been acknowledged by the automaker itself, which has pledged to alter that below the brand new management.
However there’s one other indicator, a extra correct one, that reveals how Toyota is dropping clients to different manufacturers due to the dearth of selections it provides to EV consumers. A latest report from used automotive retailer CarMax (by way of Jalopnik) reveals that Toyota was probably the most traded in model for used EVs in america from September 1, 2022 to February 28, 2023.
Utilizing knowledge from CarMax transactions, the report revealed that 12 % of autos traded in for used EVs have been Toyotas, marking the second straight yr Toyota has held the place. The quantity two spot was a tie between Ford and BMW with 8 %, whereas Honda took third place with 7 %.
Knowledge present that the most typical trade-in for the Tesla Mannequin 3, the preferred EV at CarMax through the interval, was the Honda Civic and the second most typical was the Toyota Tacoma.
For consumers shopping for a Nissan Leaf – the third hottest EV at CarMax from this knowledge reporting – the most typical trade-in was a Toyota Prius. That is clear signal that Toyota homeowners are making the shift to battery electrical autos greater than homeowners of different manufacturers, however why is that?
One apparent reply could possibly be that there are extra Toyota passenger automobiles on US roads than Fords and BMWs, so it is solely pure that the model dominates on this space as nicely.
There’s additionally the actual fact Toyota has attracted many eco-conscious consumers ever because it launched the Prius hybrid in 2000 adopted by many hybrid and plug-in hybrid variants of its best-selling fashions.
The difficulty for Toyota is that these consumers are actually trying to improve to a battery electrical car, and the Japanese model’s solely providing on this phase, the bZ4X SUV, is a fairly underwhelming product. Moreover, the used EV marketplace for Toyotas is nearly non-existent.
The CarMax report additionally says that search quantity for EVs has doubled within the final yr, pushed by greater gasoline costs all through america. SUVs have been the most typical trade-in for EVs, making up 40 % of autos that consumers go away on the lot, whereas sedans and coupes accounted for 29 % of trade-ins for EVs; luxurious autos got here in third at 17 %.
The highest 5 used EV fashions that have been bought via CarMax have been the Tesla Mannequin 3, Tesla Mannequin Y, Nissan Leaf, Ford Mustang Mach-E, and Chevrolet Bolt EV.