Again, Toyota emerges world highest selling brand 

Again, Toyota emerges world highest selling brand

By Theodore Opara

TOYOTA Motor Corp. group sold more cars than any other automaker for the fifth consecutive year in 2024 while China’s fast-growing BYD Co. surpassed Honda Motor Co., Nissan Motor Co. and Suzuki Motor Corp. in vehicle sales for the first time, industry data showed Thursday.

In Nigeria, Toyota dealerships believe that the brand is equally dominating the market, saying that 12 out of every 20 vehicles on Nigeria road is a Toyota. The Nigerian dealer who preferred not to be mentioned said: “Toyota’s exploit in Nigeria has been unprecedented.”

He attributed the stength of Toyota vehicles to include ease of maintenance, fuel efficiency, durability, safety and comfort.
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 per cent from a year earlier, the Japanese 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. South Korea’s Hyundai Motor Group, which includes Kia Corp., delivered around 7.23 million units.
BYD sold 4.27 million cars globally last year, 41.3 per cent more than a year earlier and overtaking Honda’s 3.81 million, Nissan’s 3.35 million and Suzuki’s 3.25 million vehicles, in a move that underscores the rapid growth of China’s leading electric vehicle maker that has offered cheap products.

Toyota alone sold 10.16 million cars, down 1.4 per cent 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 per cent to 1.44 million units.

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

Sales of hybrid vehicles rose 21.1 per cent 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 per cent to 139,892 units.

The group’s global production fell 7.8 per cent to 10.62 million vehicles, with Toyota’s output falling 5.1 per cent 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.

Total global sales by Japan’s eight major automakers in 2024 fell 1.1 per cent from a year earlier to 24.53 million units while their worldwide production slid 6.6 per cent to 24.10 million.

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