Toyota Dominates California With Combustion Engine Models — But It Faces A Growing EV Onslaught
Portfolio Pulse from Anan Ashraf
Toyota Motor Corp (NYSE:TM) leads vehicle sales in California, primarily with combustion engine models, registering 278,345 new vehicles in 2021, a 2% increase from the previous year. However, Toyota faces competition in the EV market, with only 3,753 BEV and 10,889 plug-in hybrid registrations. Honda Motor Co (NYSE:HMC) saw a 33.4% increase in registrations, while Stellantis NV's (NYSE:STLA) Jeep Wrangler PHEV outperformed Toyota's RAV4 PHEV. Tesla's Model Y was the best-selling car in California, indicating a strong market shift towards BEVs.
January 30, 2024 | 5:37 am
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NEUTRAL IMPACT
Toyota leads in California vehicle sales with a focus on combustion engines, but faces increasing competition in the EV segment.
Toyota's strong sales performance in California is positive, but the growing EV market and competition from Tesla and Jeep may challenge future growth, especially in the EV segment.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Honda Motor Co sees a significant increase in vehicle registrations in California, indicating strong market performance.
Honda's substantial increase in vehicle registrations suggests a positive market response and could lead to a short-term positive impact on its stock price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Stellantis NV's Jeep Wrangler PHEV outperforms Toyota's RAV4 PHEV in California, indicating a competitive edge in the plug-in hybrid market.
Jeep Wrangler PHEV's higher registrations compared to Toyota's RAV4 PHEV could positively influence Stellantis' market perception and potentially its stock price in the short term.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50