Higher interest rates for car loans in 2022 slowed new vehicle purchases, marking the first drop in sales in a decade, even as carmakers worked to overcome supply chain problems such as shortages of microchips.Įven so, the number of EVs sold increased by about 65% from a year earlier, according to research firm Motor Intelligence. Though overall car sales down, EV sales up “We know that BEVs are part of the future, but we want to make sure that we have something that not only makes sense but makes sense for their pocketbook.” McAllister said Toyota isn’t ignoring the rapidly growing but more expensive battery powered electric vehicle market. “So it’s a big part of our carbon neutrality message.” “We now have 21 hybrids across Toyota and Lexus,” said McAllister. Which is why Toyota is profiling a fifth-generation Prius, a best-selling hybrid that uses both a battery and a gasoline-powered engine. They just don’t want us to try to pigeonhole them into one subset.”Ī Toyota concept electric vehicle sits on display at the Chicago Auto Show, Feb. “Our customers are telling us they want choices. “We believe it shouldn’t be just one formula,” said Toyota regional manager Curt McAllister, noting that the company’s current product lineup, a mix of electric and gas-powered automobiles, reflects customer feedback. While many EVs are also on display this year, manufacturers want customers to know they still have other options. With Americans increasingly price conscious at a time of high inflation and elevated interest rates, customer choice is a prominent theme at the 2023 Chicago Auto Show, the largest and longest-running auto show in North America.Ī launchpad for manufacturers to showcase their latest offerings, previous auto shows have highlighted battery powered electric vehicles - commonly known as EVs and BEVs - that herald a carbon-free future for ground transportation. The average price for a new vehicle in the United States soared above $49,000 in December, a record high.

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