Toyota Sells 10.8 Million Cars in 2024, Staying #1 Globally for Fifth Year
Toyota has once again claimed the title of the world’s top-selling automaker, selling a total of 10.8 million vehicles in 2024. This marks the fifth consecutive year Toyota has held this position. Despite facing challenges, including a decline in sales in some key markets, the Japanese automaker has managed to maintain its leadership.
Global Sales Drop 3.7%, With Japan Taking a Big Hit
Toyota’s global sales, which include its Daihatsu and Hino Motors brands, dropped by 3.7% in 2024. The biggest contributor to this decline was a significant slump in Japan, where Toyota faced problems related to governance issues over certification tests at its subsidiary, Daihatsu.
Despite these challenges, Toyota still managed to hold its ground as the top car seller worldwide.
Volkswagen Comes in Second, Struggles in China
Meanwhile, Volkswagen—Toyota’s closest rival—sold just over 9 million vehicles in 2024, marking a 2.3% decline in sales. Volkswagen is also grappling with cost-cutting measures at home and intense price competition in China, one of the world’s largest car markets.
Toyota’s Parent-Brand Sales: A Slight Dip
When focusing on Toyota’s parent-brand vehicles (Toyota and Lexus), the company sold 10.2 million cars—a 1.4% decline compared to the previous year. This drop was mainly due to a double-digit sales decline in Japan.
However, Toyota’s global reach remained strong thanks to demand for its hybrid cars in places like the United States, where its gasoline-electric hybrid vehicles were particularly popular.
A Record Year for Hybrid Sales
One of Toyota’s bright spots in 2024 was its hybrid vehicles, which made up a record 40.8% of the automaker’s total sales. However, Toyota’s push into battery electric vehicles (EVs) has been slow, accounting for just 1.4% of its overall sales.
While Toyota has long been known for its hybrid cars, the company faces growing pressure from competitors to ramp up its electric vehicle offerings as the world shifts toward cleaner energy.
Challenges in China and Price Competition
Although Toyota is performing well in markets like the U.S., its sales in China fell by 6.9% in 2024. The reason for this drop is intense price competition in the Chinese car market, where several automakers are trying to grab a share of the massive consumer base.
As electric vehicles gain popularity, Toyota will need to adjust its strategies in China to remain competitive.
Conclusion: Toyota’s Stronghold, but Tough Road Ahead
Despite the challenges, Toyota has proven that it’s still the global leader in car sales for 2024. The company’s focus on hybrids has helped it maintain its position, but with increasing competition in electric vehicles and markets like China, Toyota’s dominance could face greater pressure in the coming years.

I am Aparna Sahu
Investment Specialist and Financial Writer
With 2 years of experience in the financial sector, Aparna brings a wealth of knowledge and insight to Investor Welcome. As an accomplished author and investment specialist, Aparna has a passion for demystifying complex financial concepts and empowering investors with actionable strategies. She has been featured in relevant publications, if any, and is dedicated to providing clear, evidence-based analysis that helps clients make informed investment decisions. Aparna holds a relevant degree or certification and is committed to staying ahead of market trends to deliver the most up-to-date advice.