Toyota remained the world’s top-selling automaker in 2024, delivering nearly 11 million vehicles despite a 3.7% decline from the previous year. However, with electric vehicle (EV) sales accounting for just 1% of its global volume, the Japanese automaker faces growing competition from EV-focused rivals like BYD and Hyundai.
The company retained its crown for the fifth consecutive year, selling over 10.8 million vehicles, including its Daihatsu, Hino, and Lexus brands. While it stayed ahead of Volkswagen, which sold just over 9 million vehicles (a 2.3% decline from 2023), Toyota’s sales dropped for the first time in two years. Toyota and Lexus brand sales fell 1.4% to 10.1 million units, largely due to a 20% drop in domestic sales caused by incorrect vehicle certifications that led to production halts for models like the Prius, Yaris Cross, and Corolla Fielder.
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International sales helped offset domestic losses, with strong demand in North America and India. However, sales declined in key markets like China (-6.9%), Indonesia (-9.5%), and Thailand (-17.1%), with Toyota citing “the shift to new energy vehicles” and “intensifying price competition” as major factors.
Despite hybrids reaching a record 40% share, Toyota’s EV sales trailed competitors. In 2024, Toyota and Lexus sold 139,892 pure EVs, representing just 1.4% of total sales. Volkswagen, which also lags behind in electrification, delivered nearly 745,000 EVs, about 8% of its total volume, despite a 3.4% decline from 2023.
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“The shift towards new energy vehicles is accelerating, and we must remain adaptable to meet changing market demands,” a Toyota spokesperson said, acknowledging the industry’s rapid transition.
Meanwhile, emerging competitors are gaining ground. BYD sold over 4.25 million passenger vehicles last year, a 41% increase from 2023, surpassing Nissan and Honda for the first time. The Chinese EV leader overtook Volkswagen as China’s largest automaker in 2023 and continues to climb the global rankings.
See also: 2024 Sees Strong Growth in Global EV Market, With China Leading the Way
Hyundai Motor Group, the third-largest automaker globally, sold over 7.2 million vehicles in 2024, closing the gap with Toyota and Volkswagen. While its total sales dipped 1%, Hyundai and Kia sold over 200,000 EVs combined. The South Korean automaker is launching new EVs in key segments, including the three-row Ioniq 9 and the affordable Kia EV3 and Hyundai Inster SUVs, which are expected to drive further growth.
