Toyota stays ahead with over 10m vehicles sold globally in 2024

Toyota Motor Corporation sold 10.8 million vehicles in 2024, retaining its position as the world’s top-selling automaker for the fifth consecutive year. The company reported a 3.7% decline in global group unit sales, including figures from its subsidiaries, Daihatsu and Hino Motors.

The decline in sales was largely due to a significant drop in the Japanese market, where Toyota faced challenges related to governance issues in certification test procedures at Daihatsu. This impacted domestic sales, contributing to an overall reduction in total units sold. Meanwhile, Volkswagen Group, Toyota’s closest competitor, sold just over 9 million vehicles in 2024, marking a 2.3% decline as it focused on cost-cutting and managing price competition in China.

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Toyota’s parent-only vehicle sales, which include the Toyota and Lexus brands, fell by 1.4% to 10.2 million units. The decrease was driven by a double-digit decline in the Japanese market. However, demand for hybrid models in the United States helped sustain sales levels. In China, unit sales fell by 6.9%, reflecting intense price competition in the country’s automotive market.

Hybrids continued to play a significant role in Toyota’s global sales strategy, making up 40.8% of its total parent-only vehicle sales. In contrast, battery electric vehicles accounted for only 1.4% of the total, highlighting the company’s continued reliance on hybrid technology.

Despite challenges in key markets, Toyota’s overall sales figures indicate strong global demand for its hybrid models. The company has leveraged hybrid technology to maintain its market position while managing external pressures, including regulatory challenges and competitive pricing strategies in China.

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Volkswagen, which ranked second in global sales, faced challenges, including cost-cutting measures and an ongoing price war in China. The German automaker’s sales decline reflects broader market pressures that have affected multiple manufacturers.

Toyota’s continued global leadership highlights its strategic focus on hybrid technology as a means of balancing market demands and regulatory requirements. The company’s ability to sustain sales despite challenges in Japan and China suggests a potential industry trend, with automakers increasingly focusing on hybrid models to bridge the transition to fully electric vehicles.

The ongoing price competition in China remains a key factor influencing global sales dynamics. Automakers operating in the region must navigate shifting consumer preferences and aggressive pricing strategies to maintain market share. Toyota’s performance underscores the importance of hybrid technology in adapting to evolving industry conditions.