Toyota Motor Corp has remained the world’s top-selling automaker for the fifth consecutive year in 2024, selling 10.8 million vehicles globally, the company announced.
However, the Japanese automaker posted a 3.7% decline in global group sales, which include its subsidiaries Daihatsu and Hino Motors.
The downturn was largely attributed to a sharp drop in sales in Japan, where Toyota faced fallout from governance issues related to certification test procedures, particularly at its compact car unit, Daihatsu.
Despite the decline, Toyota outpaced its closest competitor, Germany’s Volkswagen Group, which reported a 2.3% drop in sales earlier this month, delivering just over 9 million vehicles.
Volkswagen is currently focused on cost-cutting efforts in its home market and navigating an intense price war in China.
Sales of Toyota’s parent-only vehicles—including its flagship Toyota and Lexus brands—fell by 1.4% to 10.2 million units, driven by a double-digit decline in Japan.
However, strong demand for its hybrid vehicles in the United States helped Toyota achieve record overall sales.
In China, Toyota’s unit sales dropped by 6.9% amid fierce competition in the world’s largest car market.
Despite this, the company saw a surge in hybrid sales, with gasoline-electric models accounting for a record 40.8% of parent-only sales. Meanwhile, battery electric vehicles made up just 1.4% of the total.
Boluwatife Enome
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