Toyota sells total of 10.8 million vehicles in 2024, becoming top-selling automaker
Date
1/30/2025 3:22:01 AM
(MENAFN) Toyota Motor Corp. announced that it sold a total of 10.8 million vehicles in 2024, maintaining its position as the world's top-selling automaker for the fifth consecutive year. Despite facing various market challenges, the Japanese company managed to retain its lead in the global automotive industry, surpassing its competitors in total sales volume. Toyota’s dominance in the market reflects its strong global presence and continued demand for its vehicles across different regions.
However, the automaker reported a 3.7 percent decline in its global group unit sales compared to the previous year. This figure includes sales from its subsidiaries, compact car manufacturer Daihatsu and truck division Hino Motors. The overall decrease in sales volume indicates some struggles within Toyota’s operations, particularly in certain markets where external and internal challenges have affected performance. The drop in unit sales marks a notable shift for the company, which has historically seen consistent growth in its global market share.
One of the key factors behind Toyota’s declining sales was a significant slump in the Japanese market. The company has been dealing with governance-related issues concerning certification testing, especially at Daihatsu. These issues have raised concerns about regulatory compliance and corporate oversight, leading to disruptions in Toyota’s domestic operations. As a result, the company faced setbacks in one of its traditionally strong markets, contributing to its overall decline in sales.
Meanwhile, German automaker Volkswagen Group, Toyota’s closest competitor, also experienced a decline in sales last year. Volkswagen reported a 2.3 percent drop in global unit sales, bringing its total to just over 9 million vehicles in 2024. The company has been focusing on cutting costs in its domestic operations while simultaneously dealing with a competitive pricing environment in China, a crucial market for its growth. As Volkswagen navigates these challenges, Toyota continues to hold its top position in global vehicle sales despite facing its own hurdles.
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