Toyota achieves 10.8 million vehicles sales in 2024, remains global champion.

Toyota Motor’s global sales reached 10.8 million vehicles in 2024, maintaining its position as the world’s largest car manufacturer. However, despite retaining the top spot in global sales for the year, the company announced on Thursday that its global sales decreased by 3.7% compared to the record-breaking 11.2 million vehicles sold in 2023. While sales in the United States and European markets saw growth, it was not enough to offset the weak performance in Japan and China.

In 2024, Toyota’s subsidiary, Daihatsu Industry, experienced a sharp drop of 38.3% in sales in Japan, with overseas markets also declining by 32.1%. In contrast, Hino Motors saw a 12.5% increase in sales in Japan but a 7.1% decrease in global sales.

Meanwhile, the Toyota brand, including the luxury brand Lexus, saw a 13.8% decrease in sales in Japan to 1.4 million vehicles. Overseas sales reached 8.7 million vehicles, a 1% increase compared to the previous year, marking the fourth consecutive year of growth for the brand in international markets.

In 2024, Toyota benefited from the trend of consumers in the United States and some markets shifting from Battery Electric Vehicles (BEVs) to Hybrid Electric Vehicles (HEVs). However, like other foreign carmakers, Toyota faced challenges in the world’s largest auto market, China.

Toyota’s sales in China declined by 6.9% in 2024 compared to the previous year. Its competitor Volkswagen also felt the impact of intensified price wars and competition in the new energy vehicle segment.

Earlier this month, the German automaker announced a 2.3% decrease in vehicle deliveries in 2024, totaling 9.03 million vehicles, primarily due to intense competition in the Chinese market.

Despite facing challenges in some markets, Toyota achieved record sales of electric vehicles in 2024. The company sold over 4.5 million electric vehicles last year, a 23.2% increase compared to the previous year, including 4.1 million hybrid electric vehicles and 154,000 plug-in hybrid electric vehicles (PHEVs). Sales of pure electric vehicles reached 139,000 units, a 34.5% increase year-on-year, with the majority of sales coming from markets outside of Japan.

In 2024, Toyota’s pure hybrid electric vehicles accounted for 40.8% of its total sales, reaching a historic high, while pure electric vehicles represented 1.4% of the total sales.