Toyota ended 2024 with international gross sales of 10.8 million autos, together with these from its premium Lexus model, small-car subsidiary Daihatsu, and business car division Hino Motors.
Regardless of a 3.7% decline from the earlier 12 months, Toyota maintained its place because the world’s largest automaker by gross sales quantity for the fifth consecutive 12 months.
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 12 months.
Toyota’s gross sales decline was primarily pushed by weak efficiency in its house market of Japan, the place gross sales plummeted 19.7% in 2024. Based on a Reuters report on January 30, this hunch 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 models, marking a 1.4% lower from the earlier 12 months. Hybrid autos accounted for a report 40.8% of whole 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 could proceed to say no as opponents with bigger EV portfolios achieve market share—significantly in China, the place BYD and Tesla dominate the EV sector.
BYD, which bought 4.25 million autos final 12 months, can also be quickly increasing into worldwide markets with each hybrids and EVs, and this enlargement is prone to additional erode Toyota’s market share sooner or later.
