TOKYO, (Reuters) – Toyota Motor sold 10.8 million vehicles in 2024, it said on Thursday, remaining the world’s top-selling automaker for a fifth straight year.
The Japanese automaker posted a 3.7% drop in global group unit sales last year, including those of compact car maker Daihatsu and truck unit Hino Motors.
The decline was largely due to a steep slump in sales in Japan where the automaker faced fallout from governance issues over certification test procedures, especially at Daihatsu.
Second-ranked German rival Volkswagen Group earlier this month reported a 2.3% decline in unit sales last year to just over 9 million vehicles, as it seeks to cut costs at home and fight a price war in key market China.
While Toyota sold a record number of cars overall, thanks in part due to demand for its hybrid vehicles in the United States, it saw unit sales in China decline by 6.9% amid heavy price competition in the world’s top car market.
Of its parent-only sales, gasoline-electric hybrids made up a record 40.8%. Battery electric vehicles accounted for 1.4%.
Reporting by Daniel Leussink; Editing by Lincoln Feast.
