Toyota maintained its title because the world’s top-selling automaker, with almost 11 million autos bought in 2024. Nonetheless, EV gross sales accounted for about 1% of Toyota’s world quantity because it continued to lag the trade. With rivals like BYD and Hyundai closing in, how lengthy can Toyota maintain its spot on the high?
Toyota EV gross sales continued lagging in 2024 at only one%
Toyota held onto the title for the fifth straight yr after promoting over 10.8 million autos in 2024. That features its Daihatsu (compact automobiles), Hino (heavy-duty vans and buses), and luxurious Lexus manufacturers.
Though it was sufficient to remain forward of Volkswagen, which bought simply over 9 million autos final yr (-2.3% from 2023), Toyota’s world gross sales slipped for the primary time in two years. The Japanese auto big’s gross sales fell 3.7% from the roughly 11.2 million autos bought in 2023.
Toyota and Lexus model gross sales had been down 1.4% from 2023, at about 10.1 million models, additionally the primary year-over-year decline in two years.
The decrease complete was principally resulting from a 20% drop in home gross sales. Incorrect automobile certifications triggered Toyota to halt manufacturing of the favored Prius, Yaris Cross, and Corolla Fielder fashions.
Abroad gross sales helped offset the fallout with larger demand in North America and India. In different key markets, like China (-6.9%), Indonesia (-9.5%), and Thailand (-17.1%), Toyota stated “the shift to new power autos” and an “intensifying worth competitors” triggered the decrease gross sales complete.
Regardless of hybrids reaching a report 40% share in 2024, Toyota’s EV gross sales lagged the trade. Final yr, Toyota, together with Lexus, bought simply 139,892 pure EV fashions, accounting for simply 1.4% of gross sales.
Volkswagen bought almost 745,000 electrical autos final yr, or round 8% of gross sales, which remains to be on the decrease finish. And that’s down 3.4% from the 771,100 VW delivered in 2023.
Whereas the 2 world auto leaders proceed to lag within the shift to electrical autos, others, reminiscent of BYD and Hyundai, are rising as true world threats.
BYD outsold Nissan and Honda for the primary time final yr, with over 4.25 million passenger autos bought, up 41% from round 3 million in 2023. The Chinese language EV chief surpassed Volkswagen in 2023 to grow to be China’s largest automotive maker, and now it’s shifting up the worldwide ranks.
Hyundai Motor Group, the third top-selling automaker globally, bought over 7.2 million autos final yr. Though gross sales had been down 1% from 2023, Hyundai is closing the hole with Toyota and Volkswagen. The Hyundai and Kia manufacturers each bought over 200,000 electrical automobiles globally final yr for an round.
Hyundai and Kia are launching a number of new EVs in key segments which are anticipated to see important demand, together with the three-row IONIQ 9 and low-cost Kia EV3 and Hyundai Inster SUVs.
Electrek’s Take
With new threats rising, how lengthy will Toyota maintain onto the worldwide gross sales lead? BYD is aggressively increasing abroad this yr, with electrical automobiles rolling out throughout almost each section, together with entry-level pickup vans, good SUVs, luxurious fashions, and electrical supercars.
BYD bought extra EVs in Japan than Toyota final yr, its residence market, and 2024 was BYD’s first full gross sales yr within the nation.
Hyundai can be making ready for a giant yr in 2025 with the up to date 2025 IONIQ 5, IONIQ 9, and Inster EV arriving. Kia expects gross sales development this yr with the low-cost EV3 rolling out globally. Later this yr, it’ll unveil the EV4, its extremely anticipated entry-level electrical sedan.
In the meantime, Toyota continues delaying new EV launches and different main initiatives. Its long-awaited ultra-efficient EVs, anticipated subsequent yr, is not going to arrive till not less than mid-2027.
With the trade shifting towards all-electric autos, how lengthy can Toyota delay the inevitable? As EV know-how advances, hybrids will solely be in fashion for for much longer.
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