On January 30, the Japanese automaker Toyota Motor Corporation reported it sold 10.8 million vehicles globally in 2024. This achievement secured its position as the world’s best-selling automaker for the fifth consecutive year. Despite this milestone, Toyota experienced a 3.7% decline in total group unit sales, including those from its subsidiaries, Daihatsu and Hino Motors.
The primary factor behind this decline was a significant drop in domestic sales in Japan, primarily attributed to management challenges at Daihatsu concerning certification test procedures.
Sales Performance and Market Impact
Further, Toyota’s parent-only vehicle sales, encompassing the Toyota and Lexus brands, fell by 1.4% to 10.2 million units. A double-digit decrease in Japan drove this, although the company posted strong overall sales due to growing demand for hybrid vehicles in the U.S.
In China, however, Toyota faced a 6.9% drop in unit sales, impacted by fierce price competition in the world’s largest car market.
Hybrids account for a record 40.8% of Toyota’s total sales, while battery electric vehicles (BEVs) account for 1.4%. Despite the global challenges, Toyota’s focus on hybrid technology continues to drive sales, especially in key markets like the U.S.
On the other hand, Volkswagen, Toyota’s main competitor, reported a 2.3% decline in sales, selling just over 9 million vehicles in 2024. Volkswagen is also navigating cost-cutting efforts and a price war in China as it works to retain market share.
