TOYOTA-LEXUS: Q3 volume off 10%, Lexus up 8.1% on tight supplies

Toyota Motor North America's U.S. sales fell 8 percent in the third quarter to 542,876, despite an 8.1 percent gain from Lexus in the quarter, which is on pace for record annual sales for the luxury brand.

In September, Toyota slipped 21 percent, and Lexus dropped 15 percent as stop-sales and tight inventories, especially of hybrids, continued to hinder sales.

Brands: Toyota, down 10%; Lexus up 8.1%

Notable nameplates: Toyota RAV4, down 12%; Camry, up 7.6%; Corolla off 19%; Tacoma, down 8.7%; Tundra, up 19%; Lexus RX, up 8.7%; NX, up 7%; GX, up 44%

Quote: "We're not seeing [a demand slowdown] at Toyota. The demand we have is still such that I have almost no incentive money out there, and we're selling every vehicle we can get," said Jack Hollis, head of sales for Toyota Motor North America, talking about the impacts of tight inventories, especially for hybrids. "I think the things that have occurred throughout the year — including things to our own company — keeps [U.S. industry sales in 2024] from getting to 16 million. So I think you're in the 15.8 [million] to 16 million range now."

Did you know? In September, 48 percent of Toyota and Lexus vehicles sold were either hybrid, plug-in hybrid, EV or hydrogen-powered — what Toyota calls "electrified" vehicles — up nearly 22 percent from the same month a year ago. For the year, 41 percent of Toyota and Lexus sales have been of "electrified" vehicles.