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Jan 31- Toyota Motor Corporation (TM, Financial) registered a 4% decrease in its global vehicle sales during 2024 by delivering a total of 10,821,480 units. Daihatsu experienced ongoing operating difficulties that led to extended manufacturing halts, which became the main cause of Toyota Motor Corporation's global sales volume reduction. The company successfully kept its standing as the worldwide top producer of automobiles following the reading Volkswagen Group sold just over 9 million vehicles.
Consumers purchased 10,159,336 Toyota and Lexus vehicles during the year, but the total sales dropped by 1.4 percent. The decreased Toyota-Lexus product sales were counterbalanced by growth in overseas sales since overseas markets increased by 1% to a total of 8,717,494 units. Demand for hybrid vehicles continued to grow in both North America and Europe during this period. The Japanese market showed diminishing interest in Toyota products by dropping sales by nearly 14% to reach 1,441,842 units.
The sales figures for electrified vehicles, which include hybrids and plug-in hybrids, and battery electric vehicles, reached a noteworthy increase throughout 2021. Total sales increased by 23% to 4,532,721 units because of combined global sales, which reached almost 45% of the market share. Hybrid electric vehicle sales showed a substantial increase of 21% during the year, reaching 4,142,412 units, and battery electric vehicle sales experienced an even more substantial growth rate of 34%, reaching 139,892 units.
The Japanese company Daihatsu suffered a 32% decrease in its global sales, reaching 536,588 units, because several models had to be suspended from the market after the safety test rigging scandal at the end of 2023. The scandal resulted in a 38% decrease in Japanese sales in addition to a 13% decrease in overseas sales, mainly affecting the Indonesian market.
Sales numbers from Hino Motors fell by 7% during the period to reach 125,556 commercial vehicles worldwide. Global sales in Japan increased by more than 12% to attain 41,073 units during the period, yet overseas sales dropped 14% and stopped at 84,483 units.
This article first appeared on GuruFocus.