Toyota may have hit a speed bump, but make no mistake—it’s still the undisputed champion of the automotive world. Despite a slight dip in sales, the Japanese giant has kept its title as the world’s largest automaker for the fifth consecutive year.
Last year the parent company together with Daihatsu and Hino shifted a total of 10,821,480 units marking an overall decline of 3.7%. However, Toyota, together with Lexus, sold a staggering 10,159,336 units in 2024—a modest 1.4% drop from 2023.
Still, talk about dominance! Even with a bit of a wobble, Toyota remains miles ahead of the competition with their competitor, Volkswagen Group, sitting in second place, after managing to move 9.03 million units—down 2.3% from last year. Close, but no cigar.
So, What Went Down?
Well, Toyota’s sales slip was largely thanks to turbulence in its home market. A certification test scandal rocked the Japanese automotive industry, forcing Toyota to halt production of several models, including the ever-popular Prius. As a result, domestic sales nosedived by a hefty 19.7%.
But outside Japan? It was a different story. Global markets kept the wheels turning, with a small but notable 0.5% increase in sales. North America saw Toyota and Lexus sales rise by 4.3% (hitting 2,729,987 units), while Europe wasn’t far behind with a 3.6% boost (1,166,325 units). Turns out, hybrids are the golden ticket, driving much of this growth.
Asia was a bit of a mixed bag. Sales slipped by 3.1% (3,214,633 units), largely due to a rough patch in China, where Toyota took a 6.9% hit (1,775,995 units), as homegrown automakers intensified price wars and gave the Japanese brand a run for its money.
Electrified and Ready to Roll
While overall sales dipped, Toyota’s electrified lineup surged ahead. In 2024, the brand sold a whopping 4,532,721 electrified vehicles, marking a solid 23.2% jump from the previous year. Hybrids stole the show, making up the lion’s share (4,142,412 units), followed by PHEVs (153,829), BEVs (139,892), mild hybrids (94,810), and hydrogen-powered FCEVs (1,778).
Hybrids are officially Toyota’s bread and butter, accounting for 40.8% of total global sales. BEVs, on the other hand, made up a rather humble 1.4%. Looks like Toyota’s still playing the long game with battery-electric tech.
RAV4 and Corolla: Still Kings of the Road?
Toyota hasn’t dished out specific model sales figures, but it’s a safe bet that the RAV4 and Corolla are still ruling the roost. In the US, the RAV4 kept its crown as the best-selling Toyota, despite an all-new version looming on the horizon.
So, while Toyota may have hit a few potholes in 2024, it’s still firmly in the driver’s seat. With strong hybrid demand and a global grip on the market, the automaker isn’t slowing down any time soon. Watch this space—Toyota’s got plenty more miles left on the clock.
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