Toyota Could Continue to Grow in Hungary This Year

Sales of the Toyota brand could even expand in 2024 in Hungary, where market players forecast a further decline in new car sales, Toyota Central Europe - Hungary Ltd. said at a press conference in Budapest on Tuesday.

According to the importer's executives, this is based on the brand's strong model offensive in a slowly improving economic environment and a supply-side market. Toyota will introduce 14 new or refreshed models this year.

Richard László, the director responsible for Hungary, said the brand was the market leader last year, both globally and in Hungary.

Preliminary figures show that the number of models sold by the Japanese manufacturer last year was close to 11 million. Of these, 3.3 million were fully electric vehicles, according to data for the first 11 months of 2023. By the end of November, the group had sold 10.2 million new cars worldwide, of which 8.6 million were Toyota, 745,000 were Lexus, 735,000 were Daihatsu and 120,000 were Hino.

Richard László pointed out that in the Hungarian new car market, which will shrink by 1% in 2023, the Toyota brand sold 17,300 models, a 14.6% increase, giving the brand a 13.5% market share. Sales of passenger cars rose by 7.2% to 14,223 units, while sales of light commercial vehicles rose by 7.2% to 3,077 units. The latter's 67% growth squeezed a 15% slice of the market.

Toyota's used car network sold 4,200 cars, of which 2,700 were Toyota.

The brand manager also pointed out that the company's mobility service, KINTO, will be launched this year, with long-term rental as its main model.

László Kárpáti, Lexus brand director, expects the brand to grow clearly this year. At the press conference, he said that demand in the premium market in Hungary was unbroken last year, with registrations up 7%. Lexus sold 1,102 vehicles, up 47%, giving it a 5.6% share of the market.

According to the brand director, Lexus has a good chance of growth in a stable market thanks to its four new entry-level models and a more competitive sales strategy.

He told the press conference that electrified cars accounted for 75% of Toyota's sales in Hungary and 98% of Lexus' sales in Hungary last year. While the majority of Toyota's electrified sales are self-charging hybrid electric models, two-thirds of Lexus' sales are self-charging and one-third are plug-in hybrid electric cars.

Toyota Central Europe-Hungary Ltd. is responsible for four European countries – Poland, Slovakia, the Czech Republic and Hungary – and is the largest European brand importer. Last year, dealerships affiliated with the importer sold 150,000 Toyotas and 14,000 Lexus.