Azernews.Az

By Alimat Aliyeva

Toyota Motor Company announced on Thursday that it sold 10.8 million vehicles in 2024, maintaining its position as the world's best-selling automaker for the fifth consecutive year. Despite achieving a record number of vehicle sales overall, the company faced challenges in certain markets, Azernews reports.

In the United States, demand for Toyota's hybrid vehicles contributed significantly to the sales increase, while car sales in China experienced a decline of 6.9 percent. This was attributed to fierce price competition in the world's largest automotive market, as well as shifting consumer preferences.

Globally, Toyota reported a 3.7 percent drop in sales last year. This decline was primarily driven by a sharp reduction in sales in Japan, where the company was grappling with management issues related to certification testing procedures, particularly at its subsidiary, Daihatsu.

Interestingly, despite the challenges, Toyota's innovative hybrid technology continues to make a significant impact in global markets, underscoring the automaker’s leadership in sustainable mobility. The company’s continued focus on eco-friendly vehicles is seen as a key factor in its long-term strategy to maintain competitiveness in the evolving automotive landscape.