Toyota remains world’s top automaker in 2024 as China’s BYD emerges

Kyodo News – Toyota Motor Corp. group sold more cars than any other automaker for the fifth consecutive year last year while China’s fast-growing BYD Co. surpassed Honda Motor Co. and Nissan Motor Co. in vehicle sales for the first time, industry data showed Thursday.

Toyota group, which includes minivehicle maker Daihatsu Motor Co. and truck manufacturer Hino Motors Ltd., sold 10.82 million units in 2024, down 3.7 percent from a year earlier, the company said, adding that a high level of sales was supported by robust demand for hybrid vehicles.

Archrival Volkswagen AG of Germany sold 9.03 million cars in the year.

BYD sold 4.27 million cars globally last year, overtaking Honda’s 3.81 million and Nissan’s 3.35 million vehicles, in a move that underscores the rapid growth of China’s leading electric vehicle maker.

Toyota alone sold 10.16 million cars, down 1.4 percent after it was hit by a vehicle certification scandal in Japan, following which it briefly halted production of some models. Domestic sales fell 13.8 percent to 1.44 million units.

By region, the automaker’s sales in North America saw a 4.3 percent rise to 2.73 million cars, while European sales logged a 3.6 percent increase to 1.17 million units amid brisk shipments of such models as the RAV4 and C-HR. Sales in China fell 6.9 percent to 1.78 million vehicles amid stiff price competition.

Sales of hybrid vehicles rose 21.1 percent to 4.14 million vehicles, lifted by increasing demand in key markets such as North America and Europe amid a cooling boom for EVs globally. The company’s EV sales grew 34.5 percent to 139,892 units.

The group’s global production fell 7.8 percent to 10.62 million vehicles, with Toyota’s output falling 5.1 percent to 9.52 million cars.

The automaker halted production of some popular models, such as the Yaris Cross, following the scandal in which it admitted to not fully following government standards in vehicle testing.