Toyota Retains Global Auto Sales Crown Despite Decline
TOKYO - Toyota Motor Corporation (TM) maintains its position as the world's best-selling automaker for the fifth consecutive year, with 10.8 million vehicles sold in 2024.
Despite a 3.7% decrease from the previous year, including sales from Daihatsu and Hino Motors, Toyota's global dominance remains unchallenged. The decline is attributed primarily to a sharp sales drop in Japan, impacted by governance issues at Daihatsu.
Volkswagen Group, Toyota's nearest competitor, reported a 2.3% decline in unit sales to 9 million vehicles, reflecting its efforts to reduce costs and combat price competition in China.
Toyota's parent-only sales decreased by 1.4% to 10.2 million vehicles, primarily due to a double-digit decline in Japan. However, overall sales reached a record high, driven by strong demand for hybrid vehicles in the United States.
Despite unit sales declining by 6.9% in China due to intense competition, Toyota continues to lead in the world's largest auto market.
Hybrid electric vehicles accounted for 40.8% of Toyota's parent-only sales, a record high. Battery electric vehicles contributed 1.4%.