By Consultants Review Team
Toyota Motor said on Thursday that it will sell 10.8 million vehicles in 2024, maintaining its position as the world's best-selling automaker for the fifth consecutive year.
The Japanese automaker, which includes truck unit Hino Motors and compact car maker Daihatsu, reported a 3.7% decline in global group unit sales last year.
A steep decline in sales in Japan, where the carmaker was hit by governance problems over certification test procedures, especially at Daihatsu, was a major contributing factor in the decline.
Volkswagen Group, the second-largest German automaker, reported earlier this month that unit sales fell 2.3% last year to just over 9 million vehicles as it seeks to cut costs at home and fight a price war in key market China.
Due to a double-digit drop in Japan, Toyota's parent-only car sales, which include its namesake and Lexus brands, decreased 1.4% year over year to 10.2 million vehicles in 2024.
The demand for Toyota's hybrid vehicles in the US helped the company sell a record number of cars globally, but fierce price competition in the biggest auto market in the world caused unit sales in China to drop by 6.9%.
Gasoline-electric hybrids made up a record 40.8% of its parent-only sales. Battery electric vehicles accounted for 1.4%.
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