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Toyota holds title of world’s top-selling automaker despite global sales decline

Despite this milestone, Toyota experienced a 3.7% decline in total group unit sales.

On January 30, the Japanese automaker Toyota Motor Corporation reported it sold 10.8 million vehicles globally in 2024. This achievement secured its position as the world’s best-selling automaker for the fifth consecutive year. Despite this milestone, Toyota experienced a 3.7% decline in total group unit sales, including those from its subsidiaries, Daihatsu and Hino Motors.

The primary factor behind this decline was a significant drop in domestic sales in Japan, primarily attributed to management challenges at Daihatsu concerning certification test procedures.

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Sales Performance and Market Impact

Further, Toyota’s parent-only vehicle sales, encompassing the Toyota and Lexus brands, fell by 1.4% to 10.2 million units. A double-digit decrease in Japan drove this, although the company posted strong overall sales due to growing demand for hybrid vehicles in the U.S.

In China, however, Toyota faced a 6.9% drop in unit sales, impacted by fierce price competition in the world’s largest car market.

Hybrids account for a record 40.8% of Toyota’s total sales, while battery electric vehicles (BEVs) account for 1.4%. Despite the global challenges, Toyota’s focus on hybrid technology continues to drive sales, especially in key markets like the U.S.

On the other hand, Volkswagen, Toyota’s main competitor, reported a 2.3% decline in sales, selling just over 9 million vehicles in 2024. Volkswagen is also navigating cost-cutting efforts and a price war in China as it works to retain market share.

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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