Toyota Shifted 10.3 Million Vehicles In FY2024, Marking 7.3% Growth

Toyota released its 2024FY sales figures earlier this week, and the Japanese powerhouse remains as the world's top automaker by sales volume.

Toyota reported a net income of JPY4.9 trillion for the financial year 2024, which represents a 101.7% increase from the previous year.

Increased demand for Toyota and Lexus vehicles were credited for this, with over 10.3 million units sold globally in FY2024 - a 7.3% increase from FY2023. Toyota also forecasted sales of Toyota and Lexus models to hit 10.4 million units in FY2025.

The automaker saw strong demand in North America, Europe, and Asia. However, markets in the 'Other' category saw a sales increase of 4.6% but experienced a 3.7% sales decline in their home ground of Japan due to the Daihatsu safety scandal.

Hybrids continue to charge up Toyota's sales, with over 3.594 million units shifted.

Electrified vehicle sales increased by 35.3% to 3.855 million units in FY2024, with hybrids (HEVs) accounting for the bulk of sales at 3.594 million units, a 32.1% increase from FY2023. 

Plug-in hybrids (PHEVs) saw a 60.3% jump to 141,000 units. Global sales reached 10.3 million units, an all-time high, driven by strong demand in the home market, North America, and Europe.

Toyota's sales revenue rose by 21.4% to JPY45 trillion, while operating income increased 96.4% to nearly JPY5.4 trillion. For FY2025 ending March 31, 2025, the company forecasts a modest increase in sales revenue to JPY46 trillion and a lower operating income of JPY4.3 trillion, taking into account JPY2 trillion in future investments.

However, Toyota has forecast a 28% profit drop due to increased investment, with the company aiming to sell 10.95 million vehicles worldwide this year - down 1.3% from 2023. 

A collection of current models marketed by Toyota locally through UMW Toyota Motor (UMWT).

“We’ll make investments in order to firmly protect the supply chain from a perspective of sustainable growth. The latest results show that our efforts have borne fruit, but we need [to] keep growing with the vision to become a mobility company,” Toyota CEO Koji Sato said.

Toyota has been slow to adopt fully electric vehicles (EVs), selling just 116,500 of them in 2023 as opposed to 1.6 million and 1.8 million sold by BYD of China and Tesla of the United States, respectively. 

But while the market for EVs declined in the US and Europe last year, Toyota's hybrid-first plan paid off. Even though it is now trailing Tesla and BYD on the EV front, Toyota has been the top automaker in the world in terms of sales for the past four years. KR