Toyota maintained its title because the world’s top-selling automaker, with almost 11 million automobiles 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 just one%
Toyota held onto the title for the fifth straight 12 months after promoting over 10.8 million automobiles in 2024. That features its Daihatsu (compact automobiles), Hino (heavy-duty vehicles and buses), and luxurious Lexus manufacturers.
Though it was sufficient to remain forward of Volkswagen, which bought simply over 9 million automobiles final 12 months (-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 automobiles bought in 2023.
Toyota and Lexus model gross sales have been down 1.4% from 2023, at about 10.1 million items, additionally the primary year-over-year decline in two years.
The decrease whole was largely resulting from a 20% drop in home gross sales. Incorrect car certifications brought about Toyota to halt manufacturing of the favored Prius, Yaris Cross, and Corolla Fielder fashions.
Abroad gross sales helped offset the fallout with increased demand in North America and India. In different key markets, like China (-6.9%), Indonesia (-9.5%), and Thailand (-17.1%), Toyota mentioned “the shift to new vitality automobiles” and an “intensifying worth competitors” brought about the decrease gross sales whole.
Regardless of hybrids reaching a file 40% share in 2024, Toyota’s EV gross sales lagged the trade. Final 12 months, 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 automobiles final 12 months, 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 automobiles, others, comparable to BYD and Hyundai, are rising as true world threats.
BYD outsold Nissan and Honda for the primary time final 12 months, with over 4.25 million passenger automobiles bought, up 41% from round 3 million in 2023. The Chinese language EV chief surpassed Volkswagen in 2023 to turn out to be China’s largest automobile maker, and now it’s shifting up the worldwide ranks.
Hyundai Motor Group, the third top-selling automaker globally, bought over 7.2 million automobiles final 12 months. Though gross sales have 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 12 months for an round.
Hyundai and Kia are launching a number of new EVs in key segments which might be anticipated to see vital 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 12 months, with electrical automobiles rolling out throughout almost each phase, together with entry-level pickup vehicles, good SUVs, luxurious fashions, and electrical supercars.
BYD bought extra EVs in Japan than Toyota final 12 months, its dwelling market, and 2024 was BYD’s first full gross sales 12 months within the nation.
Hyundai can be getting ready for a giant 12 months in 2025 with the up to date 2025 IONIQ 5, IONIQ 9, and Inster EV arriving. Kia expects gross sales development this 12 months with the low-cost EV3 rolling out globally. Later this 12 months, 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 12 months, is not going to arrive till a minimum of mid-2027.
With the trade shifting towards all-electric automobiles, how lengthy can Toyota delay the inevitable? As EV know-how advances, hybrids will solely be in model for for much longer.
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