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Despite the downturn, Toyota maintained a significant lead over Volkswagen Group which finished in second place with 9.03 million units
Toyota has once again secured its title as the world’s best-selling automaker for the fifth consecutive year, despite a slight dip in sales during 2024. The company, along with Lexus, reported total sales of 10,159,336 units, reflecting a 1.4 per cent decline from the previous year. When factoring in Daihatsu and Hino, the total figure climbed to 10,821,480 units, marking an overall drop of 3.7 per cent.
Despite the downturn, Toyota maintained a significant lead over Volkswagen Group which finished in second place with 9.03 million units sold – a 2.3 per cent decline compared to 2023. The downturn in Toyota’s sales was mainly due to setbacks in its home market of Japan where the automaker faced disruptions caused by a certification test scandal. This led to production halts for several models, including the popular Prius, resulting in a 19.7 per cent decline in domestic sales.
Specifically, Toyota and Lexus sales in Japan fell by 13.8 per cent. Meanwhile, the automaker saw resilience in other regions, with international sales growing by 0.5 per cent, helping balance out the domestic losses. North America and Europe proved to be strong markets for Toyota in 2024. Sales in North America rose by 4.3 per cent, reaching 2,729,987 units, while European sales increased by 3.6 per cent to 1,166,325 units.
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This growth was largely fueled by the strong demand for hybrid models. However, Toyota faced challenges in Asia, where overall sales dipped by 3.1 per cent. China, in particular, recorded a 6.9 per cent drop, with 1,775,995 units sold, as Toyota contended with aggressive pricing competition from domestic manufacturers.
One of the key highlights for Toyota in 2024 was the surge in electrified vehicle sales. The automaker sold 4,532,721 electrified models globally, reflecting a 23.2 per cent increase. Self-charging hybrids dominated the mix, accounting for 4,142,412 units, while plug-in hybrids contributed 153,829 units. Battery electric vehicles made up 139,892 units, followed by 94,810 mild hybrids and 1,778 fuel cell electric vehicles.
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Hybrids accounted for 40.8 per cent of Toyota’s global sales whereas BEVs remained a niche segment, making up just 1.4 per cent. Toyota has not provided detailed sales figures for individual models but the RAV4 and Corolla are expected to have continued their reign as the company’s top-selling nameplates.
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