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, declined by 3.7% compared to the previous year.
The drop was mainly driven by a sharp decrease in sales within Japan, where the company faced challenges related to certification test procedures, particularly at Daihatsu.
In comparison, Germany’s Volkswagen Group, which ranked second, reported a 2.3% decline in sales, reaching just over 9 million units. The company is currently focused on cost-cutting measures and competing in China’s aggressive price war.
Toyota’s core brands, including Toyota and Lexus, saw a 1.4% decline in sales, totaling 10.2 million units. While demand for hybrid models remained strong, especially in the U.S., sales in China fell by 6.9% due to competitive pricing in the market.
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 challenges, Toyota’s dominance in the hybrid segment helped it achieve strong overall performance.