Toyota sells 10.8 million vehicles in 2024 to remain world’s top-selling automaker

TOYOTA Motor sold 10.8 million vehicles in 2024, it said on Thursday (Jan 30), remaining the world’s top-selling automaker for a fifth straight year.

The Japanese automaker posted a 3.7 per cent drop in global group unit sales last year, including those of compact car maker Daihatsu and truck unit Hino Motors.

The decline was largely due to a steep slump in sales in Japan where the automaker faced fallout from governance issues over certification test procedures, especially at Daihatsu.

Second-ranked German rival Volkswagen Group earlier this month reported a 2.3 per cent decline in unit sales last year to just over nine million vehicles, as it seeks to cut costs at home and fight a price war in key market China.

Sales of Toyota’s parent-only vehicles, which include those of its namesake and Lexus brands, fell 1.4 per cent from a year earlier in 2024 to 10.2 million vehicles due to a double-digit decline in Japan.

While Toyota sold a record number of cars overall, thanks in part due to demand for its hybrid vehicles in the United States, it saw unit sales in China decline by 6.9 per cent amid heavy price competition in the world’s top car market.

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Of its parent-only sales, petrol-electric hybrids made up a record 40.8 per cent. Battery electric vehicles accounted for 1.4 per cent.