Toyota Motor North America's sales fell sharply in September to 152,916 as inventory woes began to bite hard at its two brands, with Toyota brand sales falling 24 percent to 130,219 and Lexus volume dropping 8.3 percent to 22,697.
However, strong showings in the previous two months allowed Toyota and Lexus to offset September and finish the third quarter with a combined 566,005 in sales, up 1.4 percent, making Toyota the top-selling automaker in the U.S. for a second consecutive quarter. The Japanese automaker outpaced perennial market leader General Motors by 122,888 in the quarter.
Market share: 16.9%, up from 14.3% a year earlier, according to TrueCar.
Brands: Toyota down 24% (Sept.), up 0.4% (Q3); Lexus down 8.3% (Sept.), up 7.7% (Q3)
Notable nameplates (Sept.): Toyota RAV4, down 51%; Tacoma, down 14%; Highlander, down 14%; Camry, down 33%; Lexus RX, down 11%; NX, up 29%; ES, down 39%
Incentives (Q3): $1,992 per vehicle, down 27% from a year earlier, TrueCar says
Average transaction price (Q3): $35,802, up 5.2% from a year earlier, according to TrueCar
Fleet mix (Q3): 8.9%, according to TrueCar
Inventory: At the beginning of October, the Toyota brand had a 16-day supply, and Lexus had a 27-day supply, according to the company. Toyota Motor North America's combined supply was 18 days.
Quote: "As we continue to navigate through supply chain challenges, we thank our loyal Toyota and Lexus customers for their patience and confidence in our vehicles," Jack Hollis, senior vice president of automotive operations for Toyota Motor North America, said in a written statement. "Our teams are working diligently to deliver vehicles to our dealers, who continue to find innovative solutions to take care of our customers."
Did you know? The lack of inventory has resurrected car sales for Toyota Motor North America, which are up 35 percent for Lexus and 29 percent for the year at the Toyota brand. That includes the hydrogen-powered Toyota Mirai, which is confined to just California and Hawaii, and which saw its sales jump ninefold in September to 406 vehicles and is up 565% so far this year.
