Lexus has announced that waiting times are now finally reducing on many models including the latest RX large SUV, with stock levels set to improve on 2021 levels by the end of the year.
In layman’s terms, while this still means reduced numbers compared to the pre-pandemic years of the 2010s, the extra hurdles created by the semi-conductor shortages last year that slashed the volume of vehicles made and delivered around the world are now falling away.
According to Lexus Australia chief executive, John Pappas, the path back to normality is now visible and within reach, to help restore delivery and sales figures up to pre-2020 levels moving forward.
“Last year in Australia, we simply weren’t able to keep supply in line with demand,” he admitted.
“Looking to the year ahead, we see a much brighter future for supply, (though that’s) more concentrated on the second half (of 2023).
“While it remains too difficult to give you a full-year prediction at this stage, I’m confident our predictions will be tracking well north of the 2021 running rate before year’s end.”
However, the rapidly improving stock situation for Lexus comes with the one big caveat of no unforeseeable global crises to upset the recovery plan, be it supplier hiccups, escalating geopolitical conflict, natural disasters or a fresh plague, among other variables.
“It is a very dynamic situation and very volatile, and we can’t control that,” Mr Pappas added. “But we’ll do our best together with our global colleagues to get as much as we can as soon as we can.”
Although wait times remain 12 months or longer for extremely popular models like sold-out Toyota LandCruiser 300-derived LX full-sized luxury 4WD and up-spec versions of the NX350h hybrid as well as the NX450h+ plug-in electric vehicle (PHEV), the news is better for other SUVs.
One of the more encouraging outcomes is comparatively short wait times for the newly-released RX, with the anticipated best-selling version by far – the 350h hybrid that’s expected to account for at least half of all volume – currently quoted as being only weeks away from delivery, at least for buyers who act fast.
This could turn quickly, like it did exactly 12 months ago when the second-generation NX was new.
“(RX supply is actually) pretty good,” Mr Pappas revealed.
“The 350h is in a very good place based on the levels of stock versus demand – two to four months on the hybrid.
“We already have pretty healthy orders, and the wait times for RX for most grades have anywhere between two and six-month wait.
“When we look at our order mix, about 75 per cent of our orders are electrified, leaving our RX 250 at 25 per cent, and our 500h is also sitting at 25 per cent, so the bulk of those is the 350h hybrid at 50 per cent.”
The only fly in the RX’s ointment is the 500h F Sport Performance, the new hybrid-turbo performance flagship that kicks off from a heady $126,000 before on-road costs.
That said, while limited allocation combined with strong global demand mean numbers will remain tight for a while yet, Mr Pappas is confident that its wait time of one year should reduce as 2023 wears on.
“We planned the majority of our RX model split to be electrified, and we’re very close, but we didn’t expect the 500h to perform as well as it has already with a 12-month wait time,” he said.
“(The wait time for) RX500h is just over 12 months now, but our indications for supply for the rest of the year is improving a lot.”
Keyword: Great news for luxury SUV buyers: Wait times easing, with some 2023 Lexus NX and RX hybrid SUV models now taking just weeks for delivery