Toyota faced criticism for choosing a diversified emissions reduction strategy over a sole focus on electric vehicles (EVs). However, this strategy has proven successful, with other automakers now scaling back their aggressive electrification plans in favor of more cost-effective hybrids and plug-in hybrids. Toyota’s hybrid models are selling faster than ever, with CarGurus’ February 2024 Intelligence Report revealing that the automaker’s vehicles occupy the top five spots for fastest-selling vehicles, outpacing the average by 18 days or more.
In February, the five fastest- and slowest-selling hybrids were:
Fastest-selling:
– Toyota GrandHighlander Limited– Ford Maverick Hybrid
– Toyota Prius Prime
– Lexus NX Hybrid
– Toyota Corolla Hybrid
Slowest-selling:
– Hyundai Ioniq Hybrid– Chevrolet Malibu Hybrid
– Honda Accord Hybrid
– Kia Sorento Hybrid
– Subaru Crosstrek Hybrid
The average time on the market for new hybrid vehicles was 38 days. While some hybrids took as long to sell as EVs, others moved off the lots much quicker. For example, the Kia EV9 electric model sold in just 22 days, while the GMC Hummer EV took 27 days.
On the used car side, the Ford Maverick and Lexus NX Hybrid sold in 27 days, followed by the Honda CR-V Hybrid and Honda Clarity PHEV at 30 days. The Toyota Highlander Hybrid was the fifth fastest-selling used hybrid, with an average of 31 days on the market.
Despite fluctuations in EV demand, hybrids have maintained their popularity. Interestingly, there has been a notable increase in the number of days gas vehicles spend on dealership lots. In the first two months of this year, the average days-on-market for new gas vehicles rose to 77.8 days, up from 59.9 days in February 2023 and less than 50 days in 2022.
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