- Toyota and its subsidiaries sold 10,821,480 units in 2024, 3.7% lower compared to 2023.
- The drop is largely attributed to the Japanese market which recorded a 19.7% decline.
- Toyota sold 23.7% more electrified vehicles in 2024, with the vast majority being hybrids.
For the fifth year in a row, Toyota has held onto its crown as the world’s largest automaker, shrugging off a slight sales dip in 2024. The company, along with Lexus, moved 10,159,336 units last year, marking a 1.4% drop compared to 2023. Factor in Daihatsu and Hino, and the total climbs to 10,821,480 units, marking a 3.7% decline overall.
Despite the slip, Toyota still kept a comfortable lead over the VW Group, which landed in second place with 9.03 million sales, down 2.3% from the previous year.
More: EV And PHEV Sales Surged 26% Globally In 2024, But The Party’s Over In Europe
Toyota’s sales decline is largely attributed to the Japanese market, where the company had to deal with a cheating scandal in certification tests and was forced to halt production of several models, including the Prius. As a result, cumulative Toyota sales in Japan recorded a 19.7% decline compared to the previous year (-13.8% for Toyota and Lexus).
On the other hand, sales outside its home market posted an incremental growth of 0.5%. More specifically Toyota and Lexus sales increased by 4.3% in North America (2,729,987 units) and 3.6% in Europe (1,166,325 units), benefiting from the strong demand for hybrids.
Sales in Asia were down by 3.1% (3,214,633 units) due to a 6.9% decline in China (1,775,995 units) where Toyota faces “intensifying price competition” from local automakers.
In terms of powertrain type, Toyota sold 4,532,721 electrified vehicles worldwide in 2024, representing a yearly increase of 23.2%.
The vast majority of those were self-charging hybrids (4,142,412 units), followed by PHEVs (153,829 units), BEVs (139,892 units), mild-hybrids (94,810 units), and FCEVs (1,778 units). Overall, hybrids accounted for 40.8% of Toyota’s global sales volume in 2024, with BEVs limited to 1.4%.
Toyota didn’t share sales data for each model separately. However, chances are that the RAV4 and the Corolla retained their position as the best-selling nameplates of the Japanese group. The RAV4 was the best-selling Toyota in the US in 2024, despite a new generation being just around the corner.
