Lexus global sales increased by 103.3%, with the new car LBX being widely popular

【PCauto】Despite intense competition in the global automotive market, Lexus delivered an impressive performance in 2024, achieving a total sales volume of 851,214 vehicles, a 3.3% increase compared to the previous year. This growth was mainly driven by strong performances in Europe, North America, and China, with the launch of the all-new entry-level SUV, the LBX, playing a pivotal role in boosting the brand’s sales.

Europe saw the strongest growth for Lexus this year, with sales skyrocketing by 19.3%, followed by a 6.7% increase in North America. Despite the pressure from the price wars in the new energy vehicle (NEV) sector, China still managed a slight growth of 0.3%. However, Lexus faced a decline of 3% to 10% in its home market of Japan, as well as in East Asia (including Southeast Asia) and the Middle East.

The LBX, which was launched in January 2024, quickly became a hit in the European market, reaching its annual sales target in just five months. This compact crossover, measuring 4,190mm in length and 2,580mm in wheelbase, filled the gap in Lexus’ product lineup for a "city luxury car," attracting many young urban consumers and first-time luxury car buyers.

The LBX is equipped with a 1.5-liter three-cylinder hybrid powertrain, producing a total of 134 horsepower, paired with an E-CVT transmission. Its WLTP fuel consumption is 4.4L/100km, offering a balance of power and environmental performance. Lexus Europe’s president stated, "The LBX’s compact size and affordable price (238,888 MYR in Malaysia) have successfully entered a segment traditionally dominated by German luxury brands."

In addition to the strong performance of the LBX, the RX and NX series continued to be key pillars of Lexus' global sales. The RX, in particular, maintained high popularity in the North American market due to its upgrades on the TNGA-K platform and intelligent features. In the new energy sector, pure electric models like the RZ and UX300e saw a 19% year-on-year increase in sales, demonstrating the initial success of the brand's electrification strategy. Lexus executives revealed that more new models, based on dedicated electric vehicle platforms, will be launched in 2025 to further strengthen its BEV product lineup.

Although some markets faced challenges, Lexus successfully maintained its global growth momentum by strategically positioning new models like the LBX and accelerating its electrification transformation. With the luxury car consumer base becoming younger and environmental regulations tightening, balancing the portfolio between traditional fuel-powered vehicles and new energy products will be a key issue for Lexus in the next phase.