Toyota Motor announced on Thursday that it sold 10.8 million vehicles in 2024, maintaining its position as the leading automaker globally for the fifth consecutive year. The Japanese company experienced a 3.7% decrease in global group unit sales last year, inclusive of Daihatsu’s compact cars and Hino Motors’ trucks.
The decline was primarily attributed to a significant decrease in sales within Japan, stemming from governance issues related to certification test procedures, notably impacting Daihatsu.
Meanwhile, Volkswagen Group, the second-largest automaker based in Germany, reported a 2.3% reduction in unit sales to over 9 million vehicles in 2024. The decline was driven by cost-cutting measures domestically and intensifying price competition in the crucial Chinese market.
Despite achieving a record-breaking overall sales figure, bolstered by robust demand for hybrid vehicles in the U.S., Toyota faced a 6.9% decline in unit sales in China amid fierce price competition in the thriving automotive market.
Among Toyota’s parent-brand sales, gasoline-electric hybrids accounted for a record 40.8% share, with battery electric vehicles making up 1.4%.
