- Toyota remains the world’s top-selling automaker in 2024 with 10.8 million vehicle sales, despite a 3.7% decline.
- Sales in Japan dropped sharply due to governance issues at Daihatsu, while hybrid demand boosted sales in the U.S.
- Hybrid models made up a record 40.8% of Toyota’s parent-only sales, while battery electric vehicles accounted for just 1.4%.
Toyota Motor maintained its position as the world’s top-selling automaker for the fifth consecutive year, reporting total vehicle sales of 10.8 million in 2024. Despite its continued dominance, the Japanese automaker faced a 3.7% decline in global group unit sales, including those from its subsidiaries Daihatsu and Hino Motors.
The decline was largely attributed to a significant drop in sales in Japan, where Toyota faced challenges stemming from governance issues related to certification test procedures, particularly at its Daihatsu division. The controversy affected domestic consumer confidence and led to a double-digit decline in Toyota’s parent-only vehicle sales within the country.
Meanwhile, German rival Volkswagen Group, which remains in second place, saw a 2.3% drop in sales, delivering just over 9 million vehicles in 2024. Volkswagen has been grappling with cost-cutting measures in its domestic market while navigating an intense price war in China, a key battleground for global automakers.
Despite its overall decline, Toyota achieved record sales figures in international markets, with strong demand for its hybrid vehicles in the United States. However, the automaker faced a 6.9% dip in sales in China, where aggressive pricing strategies by competitors placed additional pressure on its performance.
Hybrid models accounted for a record 40.8% of Toyota’s parent-only sales, reinforcing the company’s push toward electrification. However, battery electric vehicles made up just 1.4% of its total sales, highlighting the automaker’s continued reliance on hybrid technology as a transitional strategy in an increasingly competitive global market.
