Japanese luxury brand Lexus is on track to hit a local sales record in 2023, after breaking its semi-annual record with a reasonable profit margin.
The company sold 6910 vehicles in the first half of this year (first 6 months), up 75.5% year-on-year from January to June 2022.
If the company keeps up this pace, it will sell close to 14,000 units this year – unlikely given that March and June are usually big months – but even a severe slowdown would cost the company a lot of money. set a new record.
The company’s all-time high annual revenue milestone for the whole year was in 2019 when 9612 cars were sold. It also broke the 9000-unit barrier in 2021 (9290) and 2016 (9027).
So what’s the heavy lifting? Lexus MVP is Mid-size SUV NX with 2767 year-to-date sales (YTD), an increase of about 60%.
This reflects the limited supply of the new-generation model that went on sale to dealers last year, meaning a large volume of orders will go through. Sales of 646 NX units in June suggest this is happening.
New similar SUV Lexus RXone place bigger than the NX, which is the company’s second best-selling product this year with 1413 units, up nearly 52% from the same period last year.
Other Lexus models to follow include Improved UX with sales of 1140 units YTD (up 97 percent) and LX-based Toyota LandCruiser (562 units, up 199 percent).
It’s not just SUVs that are driving Lexus’ improved results, however, with car model ES also increased 109% to 931 units – certainly filled some of the gap left at the end of the year Lexus IS.
Interestingly, Lexus performance models that share many of their components with Toyota equivalents are still struggling due to lack of supply.
Toyota’s sales fell 24% and the company’s market share fell sharply, with RAV4 (relative to Lexus NX) down 34%, Kluger (Lexus RX) 25% off and camry (Lexus ES) down 27%.
Toyota, like many other OEMs, has prioritized factory output of more profitable models as it faces a shortage of parts. That’s a win for its luxury department.
Lexus isn’t the only luxury brand to recover in 2023. Audi up 48%, Genesis up 88.1% and Land Rover up 42.8%.
High-achieving Lexus models in 2023:
- LexusNX – Sales 2767, up 59.8%
- Lexus RX – Sales of 1413, up 51.6%
- Lexus User Experience – 1140 sales, up 97.2 percent
- Lexus ES – 931 sales, up 109.2 percent
- Lexus LX – 562 sales, up 198.9 percent
