In 2023, Tesla took the lead in starting the first war, and then this war without gunpowder lasted in the auto market for a whole year. After the start of the war, the tug-of-war between car companies intensified, whether it was joint ventures or independent, whether it was a new car-making force or a traditional car company, under the extreme involution brought about by the war, they all became exhausted. At the same time, the transformation of intelligent electrification is still intensifying, and the automobile market has entered the last knockout stage.
FAW Toyota has grown against the trend, and the brand has shown results
The change in the direction of the domestic auto market has put the joint venture car companies in a difficult situation as a whole, however, FAW Toyota's sales performance in 2023 is commendable. According to the data, FAW Toyota's cumulative retail sales in 2023 will exceed 800,000 units, a year-on-year increase of 41%, becoming the only mainstream Japanese joint venture to achieve positive growth in the year.
In the tragic market environment, FAW Toyota's rise against the trend among joint venture brands is inseparable from the continuous development of explosive models and the optimization of the sales structure brought by the brand.
In 2023, FAW Toyota's star models such as Ruifang, R**4 Rongfang, and Crown Lufang have achieved varying degrees of growth, among which, Ruifang's annual sales volume is 1410,000 units, a year-on-year surge of 764%；R**4 Rongfang sold 18 last year10,000 units, a year-on-year increase of 126%。
It is worth mentioning that in 2023, the cumulative sales of mid-to-high-end models under the TNGA-K platform, represented by Asian Dragon, Grevia, Crown Lufang, Lingfang, R**4 Rongfang, etc., will reach 3980,000 units, accounting for 49 percent of FAW Toyota's overall sales8%, which further indicates that the FAW Toyota brand has achieved remarkable results, and the sales structure has been optimized again.
While the star product has consolidated the status of fuel vehicles, FAW Toyota's electrified models have also achieved remarkable results. According to the data, the sales volume of FAW Toyota's electrified models in 2023 will be 2840,000 units, a year-on-year increase of 367%, of which, the cumulative sales volume of BZ pure electric series products was 330,000 units, and the sales volume of intelligent electric hybrid models was 2510,000 units, a year-on-year increase of 246%。This impressive achievement also shows that FAW Toyota's intelligent electric hybrid dual engine products have an absolute leading position in the domestic hybrid market.
Achieve a balance between supply and demand with a strong system and reduce the pressure on dealers
What can be seen is the product, and what is invisible is the technical hard power and strong system strength behind it. In order to ensure product quality and delivery capacity, FAW Toyota has strictly followed Toyota's global QDR standards for 20 years, implemented Toyota's TPS lean production model, and worked with four major factories and nearly 750 dealers to bring high-quality services to users.
In the 2023 CACSI evaluation, FAW Toyota has won the double champion of joint brand sales and after-sales service satisfaction for four consecutive years, achieved six consecutive championships in after-sales service satisfaction, and won the "Toyota Service Global Gold Award" for eight consecutive years and a total of nine times. At the same time, relying on the good reputation of "Toyota cars that can't be broken" established among users, the value retention rate of FAW Toyota's products is also leading in the industry. In July 2023, in the "Report on China's Automobile Retention Rate in the First Half of 2023" jointly released by the China Automobile Dealers Association & Jingzhen Valuation, FAW Toyota ranked 7047% of the results ranked first in the three-year value retention rate of joint ventures.
In 2023, FAW Toyota will focus on achieving a balance between supply and demand, and effectively reduce the pressure on dealers. As of the end of December, FAW Toyota's dealer inventory was significantly lower than the industry average. In the context of the continuous spread of the war and the serious squeeze on the profit margins of dealers, FAW Toyota not only did not put pressure on dealers, but took the balance of supply and demand as the primary goal to ensure their healthy and sustainable development. This practice further confirms FAW Toyota's leading position in the industry, and it is the most representative joint venture brand, which is worthy of reference in the industry.
Continue to introduce new technologies to meet the diversified needs of users
In 2023, new energy vehicles have once again achieved remarkable development results. In view of the rapid growth of new energy vehicles, major car companies have "one-sided" bets on new energy, FAW Toyota has insight into the change of industry direction, as well as the diversification of user consumption needs, and adheres to the dual-line parallel development strategy of fuel and full electrification.
While continuing to improve its position as a fuel vehicle through the TNGA platform, FAW Toyota is also accelerating the process of electrification, forming a diversified form of electrification including pure electric, intelligent electric hybrid dual engine, intelligent plug-in dual engine, and intelligent hydrogen electric vehicle. At the same time, in the face of the surging wave of intelligence, FAW Toyota released a new technical proposition - IT's time at the moment, smart future.
This new technology proposition covers the new intelligent "4T" technology, including the new intelligent electric hybrid dual engine, T-Pilot intelligent driving assistance system, Toyota Connect intelligent connectivity, and Toyota Space intelligent cockpit. On the other hand, FAW Toyota has truly realized the "intelligent equality" of fuel-driven vehicles and electrified vehicles with "easy-to-use, practical, and love-to-use" intelligent products, and at the same time, the new car is equipped with the T-Pilot intelligent driving assistance system, expressing the "safety and equality" attitude of car manufacturing.
It can be seen that FAW Toyota's release of a new intelligent "4T" technology and the rapid implementation of the technology are its advantages in electrification and intelligence to embrace the new era and new wave. As Toyota's largest business in China, FAW Toyota continues to introduce new technologies and products, strengthen its competitiveness, and adhere to the development path of "multi-line simultaneous development", showing a highly dynamic development attitude.
In 2024, FAW Toyota will continue to take "annual ring management" as its goal, adhere to long-termism, user-centric, diversified layout, and diversified development. Such FAW Toyota is also more worth looking forward to.