Toyota Remains Top-Selling Automaker For Fifth Straight Year Despite Decline

Toyota has once again secured its position as the world’s best-selling automaker for the fifth year in a row. In 2024, the Japanese auto giant delivered approximately 10.8 million vehicles worldwide, maintaining a comfortable lead over its closest rival, Volkswagen. Despite the positive announcement however, the sales numbers actually reflect a 3.7% decline from the company’s record 11.2 million units sold in 2023, largely due to challenges in their home market.

One of the key factors contributing to Toyota’s lower sales figures was a slump in Japan. The automaker faced significant headwinds following safety scandals, particularly affecting its subsidiary, Daihatsu. As a result, Toyota’s parent-only vehicle sales—comprising the Toyota and Lexus brands—fell by 1.4% to 10.2 million units.

Despite the overall decline, Toyota saw strong demand for its hybrid vehicles, which accounted for 40.8% of total sales in 2024. The company’s hybrid strategy proved particularly successful in the United States, where consumers continue to favor hybrid powertrains over battery-electric vehicles (BEVs). However, Toyota struggled in China, where aggressive price competition led to a 6.9% drop in sales.

BEVs made up only 1.4% of Toyota’s total sales, though it's only fair as Toyota doesn't have much BEV's for sale currently.

On the other hand, Toyota’s main competitor, Volkswagen Group, reported a 2.3% drop in sales, with deliveries totaling slightly over 9 million vehicles in 2024. The German automaker faced significant challenges in China, where its sales plummeted by 10% due to fierce price wars and an increasingly competitive EV market, especially with big players like BYD. Additionally, Volkswagen’s cost-cutting efforts have led to major restructuring plans, including job reductions to save around €1.5 billion (RM7.03 billion) annually.


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