Although sales of the Toyota bZ4X nearly doubled last year, the auto giant is still lagging behind in the US EV market. Foreign competitors such as Hyundai and Kia have overtaken Toyota. Even other Japanese automakers, including Honda and Nissan, sell more EVs in the US than Toyota.
Toyota bZ4X sales lag behind US EV rivals in 2024
Toyota boasts that sales of electrified vehicles will reach more than 1 million in the US by 2024. Well, that's because of their mixed species.
With only 1,854 bZ4X models sold in December, Toyota's total for 2024 reached 18,570. Although this number is up 99% from the 9,329 sold in 2023, it is still far behind the competition.
To put it in perspective, Honda, which first introduced the electric Prologue last March, sold more than 33,000 models last year. In December, Honda sold only about 7,900 Prologues. In the second half of 2024, Honda sold an average of more than 5,000 electric SUVs per month.
Nissan also outsells Toyota as nearly 19,800 Ariya electric vehicles were sold last year. Nissan's 10th anniversary LEAF received another 11,226 sales in the US in 2024, up 57% year-over-year.
Kia's first three-row electric SUV, the EV9, outsold the bZ4X last year despite a +$10,000 higher MSRP. After deliveries begin in late 2023, Kia sold more than 22,000 EV9 models in the US last year.
After setting new sales records in the US last year, Hyundai and Kia are aggressively aiming to gain more EV market share by 2025. Hyundai has started production at its largest EV plant in Georgia, where it will produce new EVs such as the upgraded 2025 IONIQ 5 and three-line IONIQ 9.
With the Kia building EV9 models at its West Point plant and the Genesis Electrified GV70 built in Alabama, Hyundai Motor has five EV models eligible for a $7,500 federal tax credit for the first time, which should boost continued demand.
Toyota has dropped the prices of the 2025 bZ4X by $6,000 to make it more competitive. Starting at $37,070, the 2025 bZ4X undercuts the 2025 Hyundai IONIQ 5 ($42,500) and the Nissan Ariya ($39,770).
Although Honda has yet to release the prices of the 2025 Prologue, it is expected to start very high. The 2024 Honda Prologue starts at $47,400.
Electrek's Take
Like few others, Toyota has postponed major EV projects, including its first three-row electric SUV. The delay gave overseas rivals, such as Hyundai and Kia, an opportunity they happily seized.
Toyota also canceled plans to build new Lexus electric vehicles in North America. Instead, the new Lexus EV models will be imported from Japan.
The company is preparing to begin battery production at its new $13.9 billion plant in NC, which should help boost EV sales. In the first half of 2026, it will also begin building the large electric SUV at its plant in Georgetown, Kentucky.
The Japanese auto giant is still promising that advanced EV batteries will soon come with more range and faster charging at a lower cost. But when will they actually hit the market?
Toyota has been promising to introduce new EV battery technology for years. In 2027, the company plans to introduce a pair of new Performance and Popularized batteries, which will power a WLTP range of nearly 500 miles (800-km). By 2028, Toyota plans to launch mass-produced solid state EV batteries by 2030.
Will it be enough? Or is Toyota already too late to the party? Let us know what you think in the comments below.
FTC: We use auto affiliate links to earn income. More.