TOKYO, January 30, 2025 – Japanese automotive giant Toyota announced on Thursday that while its sales declined in 2024, it has successfully held onto its title as the world’s leading automaker for the fifth consecutive year, surpassing its German rival Volkswagen.
In 2024, Toyota sold 10.8 million vehicles globally, representing a decrease of 3.7%. However, this figure significantly outpaced Volkswagen, which reported just over 9 million global sales—a decline of 2.3%.
This achievement comes despite a challenging year for Toyota, characterized by a 20% drop in domestic sales due to recalls of its hybrid Prius model and production suspensions following regulatory findings of irregularities in certification tests.
Sales of the Toyota brand in China, a key market, also experienced a 7% decline amid intensified competition from Chinese manufacturers like BYD, a leader in electric vehicles, which is aggressively engaging in a price war amid economic sluggishness.
Furthermore, competition from Chinese automakers, who are steadily increasing their share of the global market, is intensifying pressure worldwide: BYD’s global sales surged by 41% in 2024, totaling 4.3 million vehicles, nearly half of which were fully electric.
In contrast, Toyota sold fewer than 140,000 electric vehicles last year, continuing its focus on hybrid models that combine combustion engines with electric batteries, having sold approximately 4.2 million hybrid units. (APS)
