Toyota Motor retained its position as the world’s best-selling automaker in 2024, delivering 10.8 million vehicles globally. This marks the fifth consecutive year the Japanese company has led the industry in sales.
However, Toyota’s overall group sales, including units from Daihatsu and Hino Motors, saw a decline of 3.7% compared to the previous year.
The decline was primarily driven by a significant drop in sales within Japan, where Toyota faced challenges related to certification test procedures, especially at Daihatsu.
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In comparison, Volkswagen Group, which ranked second, reported a 2.3% decline in sales, reaching just over 9 million units. Volkswagen is currently focusing on cost-cutting measures and battling in China’s competitive price war.
Toyota’s core brands, including Toyota and Lexus, experienced a 1.4% decline in sales, totaling 10.2 million units. Despite strong demand for hybrid models, particularly in the U.S., sales in China fell by 6.9% due to aggressive pricing strategies in the market.
Notably, hybrid vehicles accounted for a record 40.8% of Toyota’s total parent-brand sales, while fully electric cars made up just 1.4%. Despite some challenges, Toyota’s dominance in the hybrid segment helped it maintain a strong overall performance.
