Toyota took a lot of barbs for its decision to pursue a diverse emissions reduction strategy instead of relying solely on EVs. Though controversial at first, that approach appears to be paying off now, as other automakers are backtracking on some of their more aggressive electrification plans in favor of lower-cost hybrids and plug-in hybrids. Toyota’s hybrids have been selling faster than the others. CarGurus’ February 2024 Intelligence Report found that the automaker’s vehicles took the top five fastest-selling spots, beating the average by 18 days or more.
The five fastest- and slowest-selling hybrids in February include:
Fastest-selling:
- Toyota Grand Highlander Hybrid: 12 days on the lot
- Lexus TX Hybrid: 13 days
- Toyota Sienna: 16 days
- Toyota Highlander Hybrid: 19 days
- Toyota Corolla Hybrid: 20 days
Slowest-selling:
- Ford F-150: 104 days
- Mitsubishi Outlander Plug-in Hybrid: 116 days
- Jeep Grand Cherokee 4xe: 126 days
- Hyundai Santa Fe PHEV: 116 days
- Chrysler Pacifica Hybrid: 191 days
New hybrid vehicle average time on sale: 38 days
While the slowest-selling hybrids sit for about as long as the slowest-selling EVs, some of the fastest-selling hybrids moved in far fewer days. The Kia EV9 was the fastest-selling electric model, sitting for 22 days, while the GMC Hummer EV sat for 27.
On the used side, the Ford Maverick and Lexus NX Hybrid sold in 27 days, while the Honda CR-V Hybrid and Honda Clarity PHEV took 30. The Toyota Highlander Hybrid was the fifth fastest-selling used hybrid, sitting for 31 days.
Hybrids have remained strong while EV demand has wavered. Interestingly, gas vehicles saw a significant increase in the number of days they sat on dealers’ lots. In the first two months of this year, the average days-on-market for new gas vehicles climbed to 77.8 days, up from 59.9 days in February 2023 and under 50 days in 2022.
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