Toyota retained its place because the world’s top-selling automaker in 2024, with almost 11 million autos offered. Nevertheless, electrical car (EV) gross sales represented nearly 1% of Toyota’s world gross sales, putting the corporate behind opponents within the business. Rivals like BYD and Hyundai are gaining floor, elevating questions on how lengthy Toyota can preserve its lead.
In 2024, Toyota offered over 10.8 million autos, marking 5 consecutive years as the highest vendor. This determine contains gross sales from its Daihatsu (compact vehicles), Hino (heavy-duty vehicles and buses), and luxurious Lexus divisions. Regardless of retaining the highest spot, Toyota’s world gross sales skilled a decline of three.7% from the earlier 12 months’s gross sales of roughly 11.2 million autos, and its Toyota and Lexus model gross sales fell 1.4%, the primary year-over-year lower in two years.
The decreased gross sales quantity was primarily attributed to a 20% drop in home gross sales as a consequence of points with car certifications, which pressured Toyota to halt manufacturing of a number of widespread fashions, together with the Prius, Yaris Cross, and Corolla Fielder.
Gross sales in abroad markets helped mitigate a few of the decline, notably with elevated demand in North America and India. Nevertheless, gross sales in key markets reminiscent of China (-6.9%), Indonesia (-9.5%), and Thailand (-17.1%) suffered as a consequence of a shift towards new vitality autos and intensified worth competitors.
Whereas hybrid autos achieved a document 40% market share in 2024, Toyota’s electrical car gross sales lag behind the business. Final 12 months, Toyota, together with its Lexus model, offered solely 139,892 absolutely electrical fashions, which accounted for a mere 1.4% of its whole gross sales.
As compared, Volkswagen offered almost 745,000 electrical autos in 2024, comprising about 8% of its whole gross sales, although this was a decline from the earlier 12 months. As each Toyota and Volkswagen proceed to fall behind within the transition to electrical autos, opponents like BYD and Hyundai are rising as important threats.
BYD efficiently outperformed Nissan and Honda for the primary time, with over 4.25 million passenger autos offered, reflecting a 41% improve from round 3 million in 2023. The Chinese language EV producer surpassed Volkswagen to change into China’s largest automaker and is quickly climbing the worldwide rankings.
Hyundai Motor Group, the third top-selling automaker globally, offered over 7.2 million autos final 12 months, a slight decline of 1% from 2023. Each Hyundai and Kia manufacturers managed to promote over 200,000 electrical vehicles globally, closing the hole with Toyota and Volkswagen.
Hyundai and Kia are gearing up for a sturdy 12 months in 2025, introducing new electrical fashions anticipated to draw important curiosity, together with the three-row IONIQ 9 and reasonably priced choices just like the Kia EV3 and Hyundai Inster SUVs.
As competitors intensifies, it stays unsure how lengthy Toyota can maintain onto its world gross sales lead. BYD is quickly increasing its worldwide presence, whereas Hyundai is poised for development with a number of new EV fashions on the horizon. In distinction, Toyota is dealing with delays with its EV launches and different main initiatives, with next-generation ultra-efficient electrical autos not anticipated till at the least mid-2027.
Because the automotive business gears up for an all-electric future, the query stands: how lengthy can Toyota postpone the inevitable transition away from hybrids?
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