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Toyota’s EV sales more than double as China’s petrol car demand slumps
Toyota’s electric vehicle sales rose 127 per cent through September, while falling demand for petrol and hybrid cars in China has pushed the group’s global sales lower for three months in a row.
By Eleanor Ellington · 2 min read
Toyota’s electric vehicle sales have jumped 127 per cent through September, a sharp rise that masks a more troubling trend for the Japanese carmaker. Its overall global sales have fallen for three consecutive months, driven by a slump in demand for petrol and hybrid cars in China.
The contrast highlights how quickly the Chinese market is shifting away from conventional combustion engines. Electric models have gained ground rapidly across the country, leaving traditional vehicles from foreign manufacturers struggling to hold their share. For Toyota, which has long relied on China as one of its largest markets, the decline in petrol and hybrid sales has outweighed the gains made in electric vehicles.
The figures point to a broader challenge for established automakers that have built their businesses around internal combustion technology. While electrification is expanding the group’s portfolio, the speed of the change in China means that growth in new energy vehicles is not yet enough to offset the falling volumes elsewhere in its line-up.
The pressure is likely to keep the company’s strategy under close scrutiny as it balances investment in electric models against the continued demand for hybrids, which have been a core part of its offer in recent years. Whether the EV momentum can compensate for weakening sales of traditional vehicles in its biggest growth market will be a key question for investors and industry watchers in the months ahead.
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