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Toyota Motor Corporation reported selling 10.8 million vehicles in 2024, maintaining its position as the world's top-selling automaker for the fifth consecutive year, according to company data released on Thursday. Despite this milestone, the Japanese carmaker experienced a 3.7% decline in global unit sales compared to the previous year.
The decrease was significantly influenced by a sharp drop in sales in Japan, attributed to ongoing governance issues related to certification test procedures, particularly with its subsidiary Daihatsu. In contrast, Volkswagen Group, Toyota's closest competitor, reported a 2.3% decline in unit sales, totaling just over 9 million vehicles.
While overall sales witnessed a record increase, boosted by demand for hybrid vehicles in the U.S., Toyota faced a 6.9% decrease in its sales figures in China—a market marked by intense price competition. Notably, gasoline-electric hybrids accounted for 40.8% of Toyota's sales, reflecting growing consumer interest in more sustainable vehicle options.