Toyota remains top-selling carmaker in 2024 with 10.8M sales

Toyota ended 2024 with global sales of 10.8 million vehicles, including those from its premium Lexus brand, small-car subsidiary Daihatsu, and commercial vehicle division Hino Motors.

Despite a 3.7% decline from the previous year, Toyota maintained its position as the world’s largest automaker by sales volume for the fifth consecutive year.

Volkswagen Group ranked second, delivering 9.03 million vehicles in 2024, a 2.3% decline. Hyundai Motor Group secured third place with 7.2 million sales, down 1% from the previous year.

Toyota’s sales decline was primarily driven by weak performance in its home market of Japan, where sales plummeted 19.7% in 2024. According to a Reuters report on January 30, this slump was largely attributed to governance issues surrounding certification test procedures, particularly at Daihatsu.

Excluding subsidiaries, Toyota and Lexus brand sales alone totaled approximately 10.2 million units, marking a 1.4% decrease from the previous year. Hybrid vehicles accounted for a record 40.8% of total sales, while electric vehicles made up just 1.4%.

With demand for EVs continuing to grow, albeit at a slower pace than most automakers had anticipated, Toyota’s sales may continue to decline as competitors with larger EV portfolios gain market share—particularly in China, where BYD and Tesla dominate the EV sector.

BYD, which sold 4.25 million vehicles last year, is also rapidly expanding into international markets with both hybrids and EVs, and this expansion is likely to further erode Toyota’s market share in the future.