Toyota TM reported total US sales of 469,558 vehicles in the first quarter of 2023, down 8.8% year over year. Of the total vehicles sold in the reported quarter, 118,836 were electric vehicles (EVs), representing 25.3% of the total sales. In the first quarter of 2022, out of the total vehicles sold, 132,938 were EVs, representing 25.8% of the total sales.
During March 2023, Toyota sold 176,456 vehicles, down from 194,178 vehicles sold in the same quarter of 2022. The EV sales for Mar 2023 represented 27.5% of total sales, up from 25.4% in Mar 2022.
For the first quarter of 2023, while the namesake brand registered sales of 401,306 vehicles, down 11% year over year, the Lexus division registered total sales of 68,252 vehicles, up 6% year over year.
In March, Toyota’s division registered total sales of 150,099 vehicles, down 12% year over year. Meanwhile, Lexus sold 26,357 vehicles last month, up from 23,514 vehicles in Mar 2022.
Currently, Toyota offers 22 electrified vehicle options, the most among any automaker. In 2023, so far, Toyota has introduced the 2023 Toyota Prius, 2023 Toyota Crown HEV, and Lexus RZ 450e BEV and it plans to introduce more EVs this year.
Toyota’s best-ever Q1-selling models include the Corolla HEV, Corolla Cross, Highlander HEV, RAV4 PRIME, Tundra HEV, NX HEV, NX PHEV, UX HEV and LC HEV.
Toyota’s close peer, Honda HMC, reported US sales of 284,507 vehicles in the first quarter of 2023, up from 266,418 vehicles in the first quarter of 2022. In the first quarter of 2023, the Acura division sold 33,465 vehicles, up from 28,236 vehicles in the same quarter of 2022, while the Honda division sold 251,042 vehicles, up from 238,182 vehicles in the same quarter of 2022.
In the first quarter of 2023, out of the total American Honda vehicles sold, 49,342 were EVs, up from 25,361 in the first quarter of 2022.
In March 2023, American Honda reported its best sales since July 2021, with total sales of 116,746 vehicles. In the same period, the Acura division sold 13,569 vehicles, up from 13,220 in Mar 2022, whereas the Honda division sold 103,177 vehicles, up from 94,855 vehicles in March 2022. The strong growth in Honda’s division is led by robust sales of electrified vehicles and new light truck models.
With combined CR-V and Accord hybrid-electric model sales, Honda electrified models have set a monthly record. The all-new CR-V registered sales of 31,084 in March 2023, the highest since July 2021.
In March 2023, the all-new Acura Integra sold 3,012 units for the first time, while Acura MDX and RDX together sold nearly 9,000 units. MDX remained Acura’s top-selling model in March with over 6,000 units sold. Acura is set to reveal a high-performance Integra Type S model this April.
Zacks Rank & Key Picks
TM currently carries a Zacks Rank #3 (Hold) and HMC has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A few top-ranked players in the auto space are Geely Automobile Holdings Limited GELYY and Wabash National Corporation WNC, both of which sport a Zacks Rank #1.
Geely is engaged in automobile manufacturing and related areas. The Zacks Consensus Estimates for GELYY’s 2023 sales and earnings imply year-over-year growth of around 57.5% and 7.4%, respectively.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings implies year-over-year growth of around 13.1% and 28.9%, respectively.
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