Source: Gasgoo
Introduction
In 2022, Lexus sales in the European market fell by 30% year-on-year to 50,467 units.
Text
According to foreign media reports, Pascal Ruch, head of Lexus Europe, said that thanks to the growth in market demand in other European countries and the launch of new models, the company will use Europe to make up for all lost sales in the Russian market as early as next year.
Lexus, Toyota’s premium brand, exited the Russian market in 2022 after the outbreak of the Russian-Ukrainian conflict, thus losing about a quarter of its sales in Europe.
In 2022, Lexus sales in Europe fell 30% year-on-year to 50,467 units. In addition to exiting the Russian market, production stoppages due to semiconductor shortages have also hit its sales.
Image source: Lexus
Speaking at a Toyota media event, Ruch said the easing of parts shortages and hot sales of new models, including a plug-in hybrid version of the NX midsize SUV, will allow Lexus to grow its European sales to about 74,000 units this year. He said that figure would be a “new record” for the brand in Europe.
Lexus said that most of the increased sales will come from the LBX small SUV, which is expected to add approximately 25,000 units to Lexus’ European sales in 2024. The company said the LBX will appeal to “younger consumers and those who have not previously considered Lexus.”
The LBX will be the least expensive model in the Lexus lineup, with a starting price of 32,990 euros ($35,600) in Germany, and the hybrid will be delivered early next year.
The LBX will help Lexus make up for lost sales in Russia, but the lost revenue will be harder to recoup as Russian consumers prefer the brand’s premium models. Matt Harrison, chief operating officer of Toyota Europe, said as recently as last November that exiting the Russian market would have a bigger impact on profits than on sales.
Lexus’ best-selling model in Russia in 2019 was the RX large SUV, with sales of 3,657 units, the data showed. the NX came in second place, with the LX, Lexus’ version of the Land Cruiser, in third.
In Europe, Lexus’ top-selling model in the first ten months of 2023 was the NX, with 18,822 units sold, followed by the UX compact SUV, with 14,776 units sold, and the RX in third place, according to Dataforce.
Lexus’ growth in Europe this year has come largely from improved sales of the NX, which jumped 82 % year-over-year, with the plug-in hybrid version accounting for almost half of that.
