Toyota Retains Title as World's Largest Carmaker for Fifth Consecutive Year

Toyota Motor Corporation has once again claimed the title of the world's largest car manufacturer for the fifth consecutive year, surpassing its closest competitor, the Volkswagen Group. Despite facing a slight decline in sales, Toyota managed to sell over 10.8 million vehicles globally in 2024, outperforming Volkswagen's 9 million vehicles.

Toyota's impressive sales figures include contributions from its subsidiaries, Lexus, Daihatsu, and Hino Motors. The combined efforts of these brands resulted in a total of 10,821,480 vehicles sold in 2024, a slight decline of 3.7% compared to the previous year. This decline was primarily due to reduced sales in key markets such as Japan, China, and other global regions.

On the other hand, Volkswagen also experienced a decline in sales, with a 2.3% drop compared to 2023. The German automaker faced stiff competition in China, where price wars with rivals impacted its performance.

Toyota's success can be attributed to its strong performance in the hybrid vehicle segment. Hybrid cars accounted for 40% of Toyota's global sales, with models like the Innova HyCross and Urban Cruiser HyRyder gaining popularity. The company also saw growth in its electric vehicle (EV) sales, although they still represent a small portion of the overall sales at 1.5%.

Toyota's performance in India was particularly noteworthy, with the company achieving its best year in the country. Toyota dispatched over 326,000 units in India, marking a 40% increase in sales compared to 2023. This growth was driven by strong demand for hybrid vehicles and the company's expanding market presence.

Despite its success, Toyota faced several challenges in 2024, including certification testing irregularities and production disruptions due to safety scandals. However, the company remains optimistic about its future prospects, with plans to increase its EV sales and achieve carbon neutrality by the middle of the century.

Toyota's continued dominance in the global car market is a testament to its commitment to innovation, quality, and sustainability. As the automotive industry continues to evolve, Toyota is well-positioned to lead the way in the transition to cleaner and more efficient vehicles.