Toyota Motor Corp. sold 10.8 million cars in 2024, a slight decrease from the previous year but sufficient to retain its title as the world’s largest carmaker for the fifth consecutive year.
Despite a 3.7% drop in global sales, including those from subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., Toyota outpaced Volkswagen AG, which sold just over 9 million cars, a 2.3% decline from the previous year.
Toyota faced a challenging year following safety scandals at two of its subsidiaries, which disrupted production for months. While the company is betting that demand for gas-powered vehicles and hybrids will remain strong amid the rise of electric vehicles, emerging competitors like China’s BYD Co. are quickly gaining ground in the global auto market.
BYD sold 4.3 million cars in 2024, including 1.8 million electric vehicles (EVs), marking a 41% increase from the previous year.
In comparison, Toyota sold just 139,892 battery electric vehicles last year, with hybrids making up more than 4.2 million of its total global sales.
Toyota has previously committed to selling 1.5 million EVs annually by 2026 and 3.5 million by 2030, as part of a broader goal to reduce emissions by 50% by 2035 and achieve carbon neutrality by mid-century.
However, like many legacy brands, Toyota has since adjusted its electrification targets by including hybrids in these forecasts.
