Toyota Slashes bZ4X Lease Prices Amid Lagging EV Sales in US Market

As Toyota introduces a significant $10,000 discount on leasing its 2024 bZ4X model to boost its electric vehicle presence, the company continues to trail behind Hyundai and Kia in the U.S. EV market.

Despite the aggressive lease incentives in Greater New York and other regions, Toyota's fully electric vehicles account for just a fraction of its overall sales, underscoring the automaker's challenges in a rapidly evolving market.

Toyota Entices New York Buyers with Attractive bZ4X Lease Offers Amid Modest Sales

Toyota released prices and specifications for the 2024 bZ4X in January, and it has not been available in dealerships for that long. However, CarsDirect reports (via Electrek) that the EV is available at a lease cash discount in Greater New York.

Lease cash is a manufacturer's incentive that reduces the cost of a new vehicle when leased. The bZ4X is priced at $43,070 for the 2024 model year.

CarsDirect discovered this Greater New York deal, which allows car buyers to lease a bZ4X XLE for just $299 per month for 36 months, with $3,999 due at signing. These figures are based on a $47,734 MSRP and a 10,000-mile allowance per year.

The car-buying website does not specify where in Greater New York this deal exists, but a quick Google search confirmed that it does exist. However, when I click on Toyota's "Greater New York" link, it does not appear on the lease deals page.

CarsDirect claims it was able to locate the 2024 electric Toyota SUV with up to $9,000 in lease cash in other parts of the United States. Meanwhile, the 2023 bZ4X can be leased for up to $12,500 in New York, but Toyota has stopped advertising lease payments for that model.

According to a source, Toyota sold 1,897 bZ4X models in the first quarter of 2024. Although this is a 9% increase from the 1,698 handed over in Q1 2023, it still accounts for a mere 0.4% of its total US sales.

Toyota Sees Slight Uptick in EV Sales, But Still Trails in the Fast-Paced US Market

Toyota's EV sales increased 9% in the first three months of 2024, but only 1,897 Toyota electric vehicles were delivered in the United States. That represents only a tiny portion of Toyota's total Q1 US sales of over 486,000. After a rocky start with its first fully electric vehicle, the bZ4X, Toyota is falling further behind competitors in the US EV market.

Toyota sold 827 bZ4X models in the US last month, bringing the total to 1,897 through Q1 2024. Although that's up 9% from the 1,698 handed over last year, Toyota's sole EV accounted for a minuscule 0.4% of its total US sales.

The automaker sold 486,627 vehicles in the United States in the first quarter, up 18% from the previous year. Toyota, including Lexus, sold 565,098 cars in the first quarter. With only 1,603 Lexus RZ EVs sold this year, Toyota's (including Lexus) US EV sales accounted for only 0.6% of total output.

Toyota promoted "electrified" vehicle sales (including hybrids), which "surged" 61% in March, accounting for 36.4% of total sales volume. First-quarter electrified sales totaled 206,850, a 74% increase yearly, accounting for 36.6% of total sales volume.

Although US automakers Ford and General Motors have both scaled back EV initiatives, with plans to use hybrids as a "bridge" to all-electric vehicles, Toyota has been the most vocal opponent of going all-in on EVs over the years. The automaker has revealed plans for next-generation EVs and battery technology, but they won't be available for only a few years.

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