Toyota Maintains Top Automaker Spot In 2024, Despite Lower Sales

Toyota Motor Corporation, including Hino Motors and Daihatsu, sold 10.8 million vehicles in 2024. This figure represents a 3.7% decrease from the previous year, but still secured Toyota's position as the top-selling carmaker globally for the fifth consecutive year.

The decline in sales was primarily due to a significant drop in the Japanese market, attributed to governance issues surrounding certification test procedures, particularly at Daihatsu. Toyota's parent-only sales, encompassing the Toyota and Lexus brands, experienced a 1.4% decrease to 10.2 million vehicles, largely due to the double-digit decline in Japan.

The carmaker experienced a 6.9% decrease in unit sales in China due to intense price competition, despite achieving record global car sales fueled by high demand for hybrid vehicles in the US. Hybrid gasoline-electric vehicles accounted for a record-breaking 40.8% of Toyota's parent-only sales, while battery electric vehicles only made up 1.4%.

Although Toyota, like many other foreign automakers, has struggled in China, it has seen success in the U.S. and other markets due to consumers shifting their preferences from fully electric vehicles to hybrid vehicles.

Meanwhile, rival Volkswagen recently announced that its group car deliveries fell 2.3% to 9.03 million in 2024 due to intense competition. In contrast, China's BYD reported a 41% increase in car sales, reaching 4.3 million last year.