Japan’s Toyota Motor Corporation reported a 4% fall in global group sales to 10,821,480 vehicles in 2024, reflecting mostly the extensive production stoppages at its small car subsidiary Daihatsu throughout most of the year. The group retained its title as the largest global vehicle manufacturer last year, ahead of second-placed Volkswagen Group which sold just over 9 million vehicles.
Sales of Toyota- and Lexus-branded vehicles fell by just 1.4% to 10,159,336 units, underpinned by strong overseas demand for hybrid vehicles. Sales in Japan fell by almost 14% to 1,441,842 units, which was mostly offset by a 1% increase in overseas sales to 8,717,494 units. The two brands enjoyed strong sales growth in North America and Europe, which more than offset weaker volumes in Asia.
Toyota and Lexus reported a 23% surge in combined global sales of electrified vehicles to 4,532,721 units last year, accounting for almost 45% of total sales. This included a 21% rise in hybrid electric vehicle (HEV) sales to 4,142,412 units; a 253% rise in mild-hybrid electric vehicle (MHEV) sales to 94,810 units; a 23% rise in plug-in hybrid electric vehicle (PHEV) sales to 153,829 units; and a 34% rise in battery electric vehicle (BEV) sales to 139,892 units. The company also sold 1,778 fuel cell electric vehicles (FCEVs) last year, down 56% year-on-year.
Daihatsu’s global sales plunged by 32% to 536,588 units last year, due mainly to the suspension of several models in Japan following the company’s safety test rigging scandal at the end of 2023. The brand’s sales in Japan plunged by 38% to 367,348 units, while overseas sales dropped by 13% to 169,240 units – reflecting mainly sluggish demand in Indonesia.
The group’s commercial vehicle unit, Hino Motors, reported a 7% drop in global sales to 125,556 units, with sales in Japan rising by over 12% to 41,073 units following sharp declines in the previous two years, while overseas sales dropped by 14% to 84,483 units.
Access the most comprehensive Company Profiles
on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Company Profile – free
sample
Your download email will arrive shortly
We are confident about the
unique
quality of our Company Profiles. However, we want you to make the most
beneficial
decision for your business, so we offer a free sample that you can download by
submitting the below form
By GlobalData
