An impressive sight greets visitors outside a renowned Toyota Motor Corp. dealership in Tokyo, Japan, on the vibrant day of January 30, 2024.
Witness the captivating visuals captured by Tomohiro Ohsumi from Getty Images News.
In a groundbreaking announcement on Thursday, Toyota Motor revealed the remarkable achievement of selling an astounding 10.8 million vehicles in the year 2024, solidifying its position as the reigning champion in the global automotive industry for the fifth consecutive year.
The renowned Japanese automaker reported a marginal 3.7% decrease in total group unit sales last year, encompassing the performance of subsidiaries such as compact car manufacturer Daihatsu and truck division Hino Motors.
This slight downturn can be attributed primarily to a significant drop in sales within Japan, where Toyota encountered challenges stemming from governance issues related to certification test procedures, particularly affecting Daihatsu.
In a competitive landscape, Volkswagen Group, holding the second position globally, disclosed a 2.3% decline in unit sales in the same period, totaling just over 9 million vehicles. The German powerhouse is strategically focusing on cost reduction initiatives domestically and battling fierce pricing competition in the crucial Chinese market.
Toyota’s standalone vehicle sales, comprising the acclaimed namesake and Lexus brands, experienced a modest 1.4% decline from the previous year, reaching 10.2 million units in 2024, primarily due to a substantial decrease in sales within Japan.
Despite achieving record-breaking sales figures, largely fueled by the strong demand for its hybrid models in the United States, Toyota faced a 6.9% reduction in unit sales in China, attributed to intense price competition in this thriving automotive hub.
In a remarkable feat, gasoline-electric hybrids commanded an impressive share of 40.8% among Toyota’s standalone sales, while battery electric vehicles contributed a commendable 1.4% to the overall sales portfolio.