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Even with a 3,7% drop in sales, Toyota surpassed Volkswagen and dominated the market for the fifth year in a row. The secret? A diversified portfolio that focuses on hybrids, electric vehicles and even hydrogen. And there's more: more than 10,8 million vehicles were sold in 2024!
Who said that electric cars are the only way to go? While most automakers have gone all-in on EVs, Toyota did something different: it kept its foot on the brakes and continued to offer a variety of options, from hybrids to combustion models. And it worked!
In 2024, the Japanese automaker beat Volkswagen again and secured first place globally in sales for the fifth consecutive year. 10,8 million vehicles were sold, proving that a diversified strategy is still the smartest move. But how did Toyota achieve this in such an unpredictable market? Let's understand this story!
The diversification strategy
If there's one thing Toyota teaches us, it's: don't put all your eggs in one basket. While several brands have dived headfirst into electric vehicles, the Japanese automaker has taken a safer path, taking its time to abandon combustion engines.
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The idea here was simple: offer all possible options to the consumer, instead of forcing a single technology. In Toyota's catalog, you can find:
Traditional combustion cars
Conventional hybrids (like the Corolla Hybrid, which is a success)
Plug-in hybrids, for those who want to drive a little in electric mode
100% electric models (yes, they have EVs too!)
Even hydrogen-powered cars like the Toyota Mirai
While competitors like Volkswagen put everything into electric vehicles, Toyota knew how to play smart and offered a bit of everything. The result? World leadership.
Toyota's dominance in the global automotive market
On January 30, confirmation came: Toyota sold 10,8 million vehicles in 2024 and maintained the top spot in the ranking for the fifth consecutive year. Since 2020, the Japanese company has not relinquished the top spot, leaving Volkswagen in the dust.
Interestingly, both brands saw a drop in sales, but Toyota still fared better. The Germans saw their numbers fall by 2,3%, while Toyota had a slightly larger drop of 3,7%. Still, it was enough to keep the crown.
Toyota's strength in Europe and challenges in Japan
If Toyota did well in Europe (with 1.217.132 vehicles sold and a growth of 4%), in Japan things were very different. There, the brand suffered a drop of almost 20%. The reasons?
Partial suspension of Prius production due to natural disasters
Certification issues at subsidiaries such as Daihatsu
Despite this, Toyota's strategy of investing heavily in hybrids has yielded results in markets such as the United States and Europe, where electrified models already account for the majority of sales.
Eggs in separate baskets: the secret of the Toyota portfolio
If there’s one thing that sets Toyota apart from other automakers, it’s the variety of options it offers. While some brands have gone straight to EVs, Toyota has decided to let consumers choose.
Example? The 2024 Toyota C-HR. It can be a conventional hybrid or plug-in hybrid, catering to different driver profiles. The brand also offers diesel, gasoline, electric and even hydrogen cars.
The problem is that some of these bets are not going so well. Hydrogen, for example, is still a huge challenge due to the lack of infrastructure. But overall, the strategy of providing options has kept Toyota firmly and strongly at the top.
The challenge of China and competition from new brands
If Toyota has an Achilles heel, it's China. While the brand remains strong in the US and Europe, things are not going so well in the Asian giant. In 2024, sales there fell by 6,9%, and the reason has a name and surname: local competition.
Brands like BYD and MG are growing rapidly, betting heavily on affordable and super-technological electric cars. And, with China being one of the largest automotive markets in the world, Toyota needs to reinvent itself to avoid further declines there.
You are taking a beating from the Chinese, who have lost your way home, and you only didn't break it because, in many cases, it is either old or preserved, you will lose this game.