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Toyota de Puerto Rico predicts 2024 sales growth, new products

Toyota de Puerto Rico reported sales of approximately 34,000 vehicles in 2023 and anticipates a 2024 “filled with opportunities and solid performance.”

At a recent media event, executives stated the automaker achieved a 29% market share through its Toyota and Lexus brands.

“The brand has maintained that leadership for 25 consecutive years as the best-selling distributor of vehicles on the island,” said Jayce Dane, general manager of Toyota of Puerto Rico, adding that “of the 118,267 nonfleet vehicles sold by the automotive industry last year, 34,302 units were from the Toyota and Lexus brands, reaching a 29% market share.”

Lexus set a sales record, marking “the best year in its history” with 1,477 nonfleet units, ranking second in the luxury car segment.

The Lexus IS continues to lead the small luxury sedan segment for the third year, and the Lexus NX leads the “Near Luxury SUV” category with 9.6%, she said.

“Toyota dominated in seven important segments, in ‘Small SUV,’ the RAV4 captured 32.4% of the subsegment. In ‘Compact Car,’ the Corolla family demonstrated its undisputed leadership with 36.4% of the subsegment, while the Tacoma continues to dominate the ‘Small Pickups’ subsegment with 42.4%,” Dane explained.

“The Highlander dominated the three-row ‘Mid SUV’ subsegment with 32.5%; in the ‘Midsize Sedan’ vehicle subsegment, Camry dominated with 20.8%; the Sequoia in the ‘Large SUV’ subsegment with 46.6%; and the GR86 registered 31.5% in the ‘Coupe’ subsegment,” she said.

Dane also highlighted the growth in electric vehicles in Puerto Rico.

Electric vehicles accounted for “3.9% of the market,” with Toyota models at “14.2%, an increase of 4.6 percentage points over the previous year,” she said. “In the luxury segment, the industry reflected an increase of 0.2 percentage points,” while Lexus “achieved a solid increase of 13 percentage points.”

Dane emphasized Toyota’s commitment to electric vehicle progression. 

“Our brands are setting the tone in the electrification process, offering consumers the opportunity to choose the technologies and models that best suit their needs,” she said.

Dany Oliva, senior manager of vehicle operations, noted that Toyota surpassed sales expectations.

“This year, we proceed with firm steps on our path toward car technologies that are less dependent on fossil fuels as part of a commitment of the brand and the evolution that includes a broad portfolio of hybrid cars, on the path to electrification,” he said.

Aligned with Toyota and Lexus’ dedication to environmental sustainability, alternative fuel vehicles will be prominent in 2024’s launches, Oliva said.

Optimistic about Puerto Rico sales
During the meeting with reporters, Oliva was optimistic about this year’s sales prospects.

“We believe that the industry has the potential to sell 126,000 units in 2024, of which 40,000 will be from the Toyota and Lexus brands. This would take us to a market share of more than 34%,” he said, adding that to achieve that goal, Toyota will focus on product quality, service, its Beyond Zero philosophy to reduce emissions and new model launches.

Oliva revealed the highly anticipated new Tacoma, available in five models — SR5, TRD Sport, TRD Off-road, Trailhunter and TRD PRO — which will be introduced in phases.

“In addition to the Tacoma, which will revolutionize the market, we have the arrival of other vehicles in several segments on the agenda. Some are completely new products and others are relaunches of models with complete changes,” he said, noting the redesigned Land Cruiser’s return.

Lastly, Dane confirmed that Toyota de Puerto Rico and its dealerships are planning “multimillion-dollar” investments in its facilities.

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This story was written by our staff based on a press release.

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