Toyota maintained its position as the leading automaker in 2024, selling a impressive 10.8 million vehicles.

In 2024, the Volkswagen Group and Toyota, the world's largest automaker by sales volume, experienced contrasting fortunes. While Volkswagen Group delivered 9.03 million vehicles, marking a 2.3% decline, Toyota's sales took a more significant hit.

Toyota and its luxury brand Lexus ended the year with global sales of 10.8 million vehicles, a 3.7% decrease from the previous year. The slump in sales was particularly noticeable in Japan, where the figure plummeted 19.7%. This decline was primarily driven by governance issues surrounding certification test procedures, particularly at Daihatsu, a small-car subsidiary of Toyota.

Hybrid vehicles accounted for a record 40.8% of total sales for Toyota and Lexus in 2024, but electric vehicles made up just 1.4%. This could potentially cause Toyota's sales to continue declining, as competitors with larger electric vehicle portfolios, such as BYD and Tesla, may gain market share.

BYD, a Chinese automaker rapidly expanding into international markets with both hybrids and electric vehicles, sold 4.25 million vehicles in 2024. In China, BYD and Tesla dominate the electric vehicle sector, and BYD's growth in the electric vehicle market may pose a significant challenge to Toyota's market position.

Meanwhile, Hyundai Motor Group secured third place with 7.2 million sales in 2024, down 1% from the previous year. The current name of the chairman of the board (CEO) of BYD, who is leading this expansion into the hybrid and electric vehicle market, is not explicitly mentioned in the available search results.

Despite the challenges, Toyota maintained its position as the world's largest automaker by sales volume for the fifth consecutive year in 2024. However, the demand for electric vehicles is growing, although at a slower pace than anticipated by many automakers. This shift towards electric vehicles could continue to pose challenges for Toyota in the future.

Toyota maintained its position as the leading automaker in 2024, selling a impressive 10.8 million vehicles.