Investing.com -- Toyota Motor (NYSE:TM) has announced that it has remained the world's top-selling automaker for the fifth consecutive year, having sold 10.8 million vehicles in 2024. The Japanese automaker, however, experienced a 3.7% drop in global group unit sales last year.
The decline in Toyota's sales was primarily due to a significant slump in sales in Japan. The automaker faced repercussions from governance issues related to certification test procedures, especially at Daihatsu.
In comparison, Volkswagen (ETR:VOWG_p) Group, the second-ranked German rival, reported a 2.3% decline in unit sales last year, with total sales just over 9 million vehicles. Volkswagen is currently striving to reduce costs at home and combat a price war in the key market of China.
Sales of Toyota's parent-only vehicles, encompassing its namesake and Lexus brands, fell 1.4% from a year earlier in 2024, amounting to 10.2 million vehicles. This decrease was mainly due to a double-digit decline in Japan.
Despite the overall drop, Toyota sold a record number of cars globally, partially due to demand for its hybrid vehicles in the United States. However, the company saw a 6.9% fall in unit sales in China, due to intense price competition in the world's largest car market.
In terms of Toyota's parent-only sales, gasoline-electric hybrids constituted a record 40.8%, while battery electric vehicles accounted for 1.4%.
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