Market Insight: ‘A beautiful set of numbers’

Referencing his employer’s August sales success, Toyota Australia vice president of sales, marketing and franchise operations Sean Hanley channelled a famous political quote, saying the importer was riding high on its fifth consecutive month of sales over 20,000 units. 

“I am reminded of a great quote from former prime minister Paul Keating. He once referred to some positive economic figures as a ‘beautiful set of numbers’, and that expression became a cliché,” he said. 

“But the cliché fits; and that’s why August VFACTS numbers are, in fact, a beautiful set of numbers. 

“For the month of August, we delivered 21,492 vehicles for a market share of 21.9 per cent … that is the fifth consecutive month that we’ve topped 20,000 sales, which is quite a positive demand structure. 

“It’s a remarkable stat, whichever way you look at it; no other car-maker has been able to compile five months in a row of that level, and we’ve only ever done it once before, actually, and that was during our all-time record, which was set in 2008.” 

Mr Hanley said Toyota sales were averaging more than 20,000 units per month (21,490 units in August), placing it at almost 32,000 units year-to-date ahead of the same point in 2023. 

Through it all, Toyota’s Camry has remained something of a silent achiever, consistently outselling its direct rivals, a position Toyota Australia public affairs manager Jeremie Smith says it has maintained for the past 28 years. 

“The Camry is of great significance to Toyota. It continues to achieve enormous success with global sales now approaching 22 million cars. Of those, more than 2.1 million were produced in Melbourne … That’s the highest volume for any Toyota model produced in this country,” he said. 

“Across almost 41 and a half years, Camry has achieved 1,026,000 sales in Australia. We delivered the 100,000th hybrid Camry in January this year, and we're now heading towards 112,000. That number will continue to grow with the new car becoming exclusively hybrid.” 

Of course, the Camry’s position of preference for ride-share, fleet and rental sectors is pivotal to its success. 

Mr Hanley told GoAuto that the Camry was a favourite among buyers wanting a lighter, more economical and aerodynamic alternative to an SUV, as well as a vehicle that offered what he described as innovation and practicality. 

“Thanks to improved supply, we have been able to deliver more Camry sedans in the eight months of this year than (in) each of the past three calendar year,” he said. 

“As a standalone brand, Camry would be the eighteenth biggest player in the market. In other words, Camry on its own is outselling 32 other marques, not to mention all 16 truck companies.” 

Fleet sales continue to form the bulk of the Camry’s numbers, with the entry-grade Ascent forming the lion’s share of total sales. 

“Right now, the typical sales mix is around 70 per cent fleet and 30 per cent private. Ascent is our top seller right now, and I think we expect that to continue (into the new generation),” added Mr Hanley. 

“Through COVID, even when supply was very tight and private market demand was high, we were saying to our dealers ‘please remember the fleets’. 

“Fleets have represented a big part of our business for a long time, and we have invested a lot of money into that side of the business, and offering infrastructure, and differing fleet pricing structures and systems that allow us to cater to a broad range of customers. 

“We’re also very aware that a successful fleet vehicle must offer value not only in terms of the purchase price, but in terms of resale, reliability, servicing and so on … It’s not all upfront price, it’s whole-of-life cost; and with Camry, its whole-of-life cost is very compelling.” 

Mr Hanley admitted that without the fleet market, it would be difficult to see the Camry stand up to its nearest rivals but believes the new model will address the shortfalls of the outgoing range when it comes to attracting private buyers. 

“It would be difficult (to say it would be performing as well, because we’ve invested heavily in the fleet market – it was part of our strategy many years ago,” he said. 

“Had it survived (as a private market-only proposition), it would have done so with significantly lower volume than we see today. Our fleet markets are very buoyant at the moment, but I also see a time maybe during the life of this car (the seventh-generation Camry) that we see broader customer appeal. 

“We’re confident with the vehicle we are launching today that it does cater to fleet and private buyers – even the entry model car is a compelling package for private buyers. So, it’ll be interesting to see where it (the Camry range) goes in terms of overall sales.” 

Hybrid sales – including those achieved by the Camry – continue to form a significant portion of the importer’s share, reflecting Toyota’s move to offer hybrid-only alternatives across its passenger car portfolio. 

“Last month (August), customers drove away in 11,931 Toyota hybrids. That’s an August record, and represents 55 per cent of our total deliveries, which is quite encouraging,” added Mr Hanley. 

“It’s the third time our hybrids of top 10,000 deliveries in a month, and it’s the third time in four months that more than half of our sales have, in fact, been hybrid vehicles. 

“So far this year, our hybrid share is sitting at 49.2 per cent being the contribution to our total, to our sales. Now when you add the bZ4X EV and the Mirai FCEV, you can see our electrified share is edging closer to 50 per cent.” 

Mr Hanley reiterated the success of the RAV4, saying wait times for the popular SUV had now fallen below four months – well down from the two-year queue that formed for the model during the height of the COVID-19 pandemic. 

Toyota Camry sales (2014-24)*: