According to data from FAW Toyota, in the first quarter of 2024, FAW Toyota sold 157,000 new domestically produced vehicles, a year-on-year increase of 1%, continuing the positive growth momentum for the whole year of 2023. Among them, the sales volume of intelligent electric hybrid dual engine models was 59,000 units, a year-on-year increase of 25%, accounting for 37%, the sales volume of high-end models was 73,000 units, a year-on-year increase of 2%, accounting for 47%, and the sales volume of star models Ruifang was 39,000 units, and the sales volume of RAV4 Rongfang was 3.6 units, an increase of 81% and 30% year-on-year respectively. It is worth mentioning that the bZ3 pure electric sedan achieved a sales performance of 5,697 units in a single month in March, and the cumulative sales volume in the first quarter was nearly 10,000 units, becoming the leader of the joint venture pure electric car, showing FAW Toyota's strong competitiveness in the electrification era.
Recently, FAW Toyota actively responded to the country's "Action Plan for Promoting Large-scale Equipment Renewal and Trade-in of Consumer Goods" and "Notice on Adjusting Relevant Policies for Auto Loans" and other new policy measures, and launched the "2 billion yuan discount for renewing the old" activity. From April 1 to April 30, FAW Toyota launched multiple financial policies such as up to 8 years with zero down payment, 36 installments with zero interest rate, and 505 flexible financial plan. FAW Toyota's Asian Dragon, the new RAV4 Rongfang, Grevia, Corolla Ruifang, Crown Lufang, Lingfang and other star models are all involved.
As a technology with the advantages of both fuel vehicles and pure electric vehicles, hybrid is not only an important force to help the automotive industry achieve the "dual carbon" goal, but also is increasingly recognized by the consumer market. Toyota's intelligent electric hybrid dual engine technology is the earliest research and development, the earliest mass production, the largest number of users, the world's recognized advanced and mature electrified vehicle technology, has gone through 27 years of market verification, five generations of technology upgrades, Toyota's electrified products based on intelligent electric hybrid dual engine have sold more than 25 million units in the world, with obvious leading advantages.
In 2023, FAW Toyota will release a new fifth-generation intelligent electric hybrid dual-engine product, which integrates miniaturization, lightweight, and precision of battery, motor, and electronic control, and realizes continuous high energy in the "full temperature range" and "full speed range" in power performance. It is worth mentioning that the 2.4T super hybrid system equipped with the new Prado, which will be launched this year, has the advantages of strong torque, high efficiency and high reliability, and the Prado has exceeded 5,000 orders in just one hour after opening online reservations. The 2.5-liter multi-stage hybrid system equipped with the all-new Crown, which will also be launched this year, has also attracted market attention. The addition of the all-new Prado and Crown will make FAW Toyota the only joint venture in China with a full layout of Toyota's third-order intelligent electric hybrid technology.
With the upgrading of automobile consumption and the continuous growth of the middle class, China's high-end automobile market has shown a good development trend. In the first quarter of 2024, a total of 73,000 units of mid- and high-end models under the TNGA-K platform, represented by Asia Dragon, Grevia, Crown Lufang, and RAV4 Rongfang, accounted for 47%. With its deep accumulation in the field of hybrid technology, and the strong return of high-end models such as the all-new Prado and the all-new Crown, FAW Toyota is making every effort to accelerate the brand's upward upgrade.