Toyota ended 2024 with global sales of 10.8 million vehicles, including those from its premium Lexus brand, small-car subsidiary Daihatsu, and business vehicle division Hino Motors.
Despite a 3.7% decline from the previous 12 months, Toyota maintained its position because the world’s largest automaker by sales volume for the fifth consecutive 12 months.
Volkswagen Group ranked second, delivering 9.03 million vehicles in 2024, a 2.3% decline. Hyundai Motor Group secured third place with 7.2 million sales, down 1% from the previous 12 months.
Toyota’s sales decline was primarily driven by weak performance in its home market of Japan, where sales plummeted 19.7% in 2024. In accordance with a Reuters report on January 30, this slump was largely attributed to governance issues surrounding certification test procedures, particularly at Daihatsu.
Excluding subsidiaries, Toyota and Lexus brand sales alone totaled roughly 10.2 million units, marking a 1.4% decrease from the previous 12 months. Hybrid vehicles accounted for a record 40.8% of total sales, while electric vehicles made up just 1.4%.
With demand for EVs continuing to grow, albeit at a slower pace than most automakers had anticipated, Toyota’s sales may proceed to say no as competitors with larger EV portfolios gain market share—particularly in China, where BYD and Tesla dominate the EV sector.
BYD, which sold 4.25 million vehicles last 12 months, can also be rapidly expanding into international markets with each hybrids and EVs, and this expansion is prone to further erode Toyota’s market share in the long run.
This Article First Appeared At www.motorauthority.com
