Toyota to maintain its top position with 10.8 million units sold in 2024

Toyota, including its premium brand Lexus, its small car subsidiary Daihatsu, and its commercial vehicle division Hino Motors, set its global sales volume for 2024 at 10.8 million units.

Despite a 3.7% decrease from the previous year, Toyota maintained its position as the world's top seller for the fifth consecutive year.

In second place was the Volkswagen Group with 9.03 million units, down 2.3%. Hyundai Motor Group secured third place with sales of 7.2 million units, down 1% from the previous year.

The main reason for Toyota's sales decline was its poor performance in its home market of Japan, where sales fell 19.7% in 2024; according to a January 30 Reuters report, the slump was mainly due to governance issues surrounding certification testing procedures, particularly at Daihatsu.

Sales of Toyota and Lexus brands alone, excluding subsidiaries, totaled approximately 10.2 million units, down 1.4% from the previous year. Hybrid vehicles accounted for 40.8% of total sales, while electric vehicles accounted for only 1.4%.

Toyota sales may continue to decline as demand for EVs continues to grow, albeit at a slower pace than most automakers had expected.

BYD, which sold 4.25 million vehicles last year, is also rapidly expanding into international markets for both hybrids and EVs, and this expansion is likely to further erode Toyota's market share in the future.