Toyota ended 2024 with world gross sales of 10.8 million autos, together with these from its premium Lexus model, small-car subsidiary Daihatsu, and business automobile division Hino Motors.
Regardless of a 3.7% decline from the earlier yr, Toyota maintained its place because the world’s largest automaker by gross sales quantity for the fifth consecutive yr.
Volkswagen Group ranked second, delivering 9.03 million autos in 2024, a 2.3% decline. Hyundai Motor Group secured third place with 7.2 million gross sales, down 1% from the earlier yr.
Toyota’s gross sales decline was primarily pushed by weak efficiency in its residence market of Japan, the place gross sales plummeted 19.7% in 2024. In keeping with a Reuters report on January 30, this droop was largely attributed to governance points surrounding certification check procedures, significantly at Daihatsu.
Excluding subsidiaries, Toyota and Lexus model gross sales alone totaled roughly 10.2 million items, marking a 1.4% lower from the earlier yr. Hybrid autos accounted for a file 40.8% of complete gross sales, whereas electrical autos made up simply 1.4%.
With demand for EVs persevering with to develop, albeit at a slower tempo than most automakers had anticipated, Toyota’s gross sales might proceed to say no as rivals with bigger EV portfolios acquire market share—significantly in China, the place BYD and Tesla dominate the EV sector.
BYD, which bought 4.25 million autos final yr, can also be quickly increasing into worldwide markets with each hybrids and EVs, and this growth is more likely to additional erode Toyota’s market share sooner or later.
