Toyota sold 10.8 million vehicles in 2024, keeping its position as the world’s top-selling automaker for the fifth straight year. Despite this, global sales dropped 3.7%, largely due to a sharp decline in Japan.
The automaker’s struggles stemmed from governance issues at its subsidiary Daihatsu, which faced scrutiny over certification test procedures. Toyota’s domestic sales fell by double digits, impacting overall performance. Meanwhile, German rival, Volkswagen Group sold just over 9 million vehicles, a 2.3% decline, as it battled a price war in China and cost-cutting measures in Europe.
Toyota’s hybrid models saw strong demand in the United States, helping offset declines in China, where sales fell 6.9%. Hybrid cars made up a record 40.8% of Toyota’s parent-only sales, while **battery electric vehicles (BEVs) accounted for just 1.4%.
While Toyota maintains its dominance, industry analysts warn that increasing competition in **China’s electric vehicle market** could pose long-term challenges.
Read more on Toyota sales hit October record despite ninth straight month of output declines