Toyota is still the world’s top automaker, but with EV sales at just 1%, how long will it last?
Toyota maintained its title as the world’s top-selling automaker, with nearly 11 million vehicles sold in 2024. However, EV sales accounted for about 1% of Toyota’s global volume as it continued to lag the industry. With rivals like BYD and Hyundai closing in, how long can Toyota keep its spot at the top?
Toyota EV sales continued lagging in 2024 at only 1%
Toyota held onto the title for the fifth straight year after selling over 10.8 million vehicles in 2024. That includes its Daihatsu (compact cars), Hino (heavy-duty trucks and buses), and luxury Lexus brands.
Although it was enough to stay ahead of Volkswagen, which sold just over 9 million vehicles last year (-2.3% from 2023), Toyota’s global sales slipped for the first time in two years. The Japanese auto giant’s sales fell 3.7% from the roughly 11.2 million vehicles sold in 2023.
Toyota and Lexus brand sales were down 1.4% from 2023, at about 10.1 million units, also the first year-over-year decline in two years.
The lower total was mostly due to a 20% drop in domestic sales. Incorrect vehicle certifications caused Toyota to halt production of the popular Prius, Yaris Cross, and Corolla Fielder models.
Overseas sales helped offset the fallout with higher demand in North America and India. In other key markets, like China (-6.9%), Indonesia (-9.5%), and Thailand (-17.1%), Toyota said “the shift to new energy vehicles” and an “intensifying price competition” caused the lower sales total.
Despite hybrids reaching a record 40% share in 2024, Toyota’s EV sales lagged the industry. Last year, Toyota, including Lexus, sold just 139,892 pure EV models, accounting for just 1.4% of sales.
Volkswagen sold nearly 745,000 electric vehicles last year, or around 8% of sales, which is still on the lower end. And that’s down 3.4% from the 771,100 VW delivered in 2023.
While the two global auto leaders continue to lag in the shift to electric vehicles, others, such as BYD and Hyundai, are emerging as true global threats.
BYD outsold Nissan and Honda for the first time last year, with over 4.25 million passenger vehicles sold, up 41% from around 3 million in 2023. The Chinese EV leader surpassed Volkswagen in 2023 to become China’s largest car maker, and now it’s moving up the global ranks.
Hyundai Motor Group, the third top-selling automaker globally, sold over 7.2 million vehicles last year. Although sales were down 1% from 2023, Hyundai is closing the gap with Toyota and Volkswagen. The Hyundai and Kia brands both sold over 200,000 electric cars globally last year for an around.
Hyundai and Kia are launching several new EVs in key segments that are expected to see significant demand, including the three-row IONIQ 9 and low-cost Kia EV3 and Hyundai Inster SUVs.
Electrek’s Take
With new threats emerging, how long will Toyota hold onto the global sales lead? BYD is aggressively expanding overseas this year, with electric cars rolling out across nearly every segment, including entry-level pickup trucks, smart SUVs, luxury models, and electric supercars.
BYD sold more EVs in Japan than Toyota last year, its home market, and 2024 was BYD’s first full sales year in the country.
Hyundai is also preparing for a big year in 2025 with the updated 2025 IONIQ 5, IONIQ 9, and Inster EV arriving. Kia expects sales growth this year with the low-cost EV3 rolling out globally. Later this year, it will unveil the EV4, its highly anticipated entry-level electric sedan.
Meanwhile, Toyota continues delaying new EV launches and other major projects. Its long-awaited ultra-efficient EVs, expected next year, will not arrive until at least mid-2027.
With the industry moving toward all-electric vehicles, how long can Toyota delay the inevitable? As EV technology advances, hybrids will only be in style for much longer.
FTC: We use income earning auto affiliate links. More.
EVs got a little more affordable in May, and Tesla’s price drop had a lot to do with that. According to new data from Kelley Blue Book, the average transaction price (ATP) for a new EV in May was $57,734. That’s down from $59,123 in April. Year-over-year, that’s a 1.1% drop.
At the same time, incentives are heating up. The average EV incentive in May hit $8,225, or 14.2% of the ATP. That’s more than double the average incentive across the broader auto industry and higher than last May’s 12%. According to Cox Automotive, that makes May the most incentive-heavy month since what Cox Automotive calls the beginning of the modern EV era, which is when EVs passed the 1% market share mark, in 2018.
Tesla’s prices played a big role in this shift. The company’s ATPs dropped 1.5% in May, landing at $55,277. Year-over-year, Tesla prices are down 2.8%.
The Model 3 and the Cybertruck inched up in price in May, but just barely – less than 1%. Every other Tesla model saw prices fall month-over-month. The Model Y, Tesla’s top seller and the most popular EV in the US, dropped 2.9% from April to an average price of $53,895.
Read more: Cybertruck sales slump as EV prices rise and incentives dry up
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links. More.
Toyota’s new electric SUV is about the size of a Tesla Model Y, but half the cost. The bZ5 officially launched in China on Tuesday, starting at around $18,000. Can it keep pace with BYD, Tesla, and others in China?
Toyota’s new bZ5 EV lands in China for $18,000
We knew it was coming soon. Toyota’s joint venture partner in China, FAW Toyota, announced last week that it was planning to officially launch the bZ5 on June 10.
The bZ5 is available in four trims: Joy, Pro, Pro Smart Edition, and an extended range Pro model. It’s offered with two BYD Blade battery options: 65.28 kWh and 73.98 kWh.
Powered by the standard battery, the Joy, Pro, and Pro Smart Edition models are rated for a CLTC range of 550 km (342 miles). Upgrading to the Pro trim with the larger battery provides a range of 630 km (391 miles). All trims can be recharged from 30% to 80% in approximately 27 minutes.
The base model starts at 129,800 yuan ($18,000) while prices range up to 159,800 yuan ($22,000) for the Pro Smart Edition and extended range variants.
With a unique style, including Toyota’s new hammerhead front-end design, a full-length light bar, and a crossover fastback-like silhouette, the bZ5 is a sleek, sporty-looking EV.
The bZ5 is 4,780 mm in length, 1,866 mm in width, and 1,510 mm in height, with a wheelbase of 2,880 mm. For comparison, the Tesla Model Y measures 4,797 mm in length, 1,920 mm in width, and 1,624 mm in height, with a wheelbase of 2,890 mm.
In China, however, Toyota’s new EV is about half the cost. The base Tesla Model Y starts at 263,500 yuan ($36,700) in China, more than double the price of the bZ5, but offers a CLTC range of 593 km (368 miles).
Although the interior is relatively minimalistic, it’s packed with advanced tech and safety features. A 15.6″ infotainment sits at the center with a smaller driver display cluster.
Powered by Momenta 5.0 smart driving tech, the bZ5 is equipped with a new Toyota Pilot ADAS system. The system utilizes 33 sensors, which enable over 30 ADAS features, including assisted highway and city driving, as well as parking assistance. Higher trims include an added LiDAR sensor.
The bZ5 will sit between the bZ3X and bZ4X as Toyota expands its EV lineup in China. It follows the bZ3X, which launched in March starting at just 109,800 yuan ($15,000).
Source: CarNewsChina, FAW Toyota
FTC: We use income earning auto affiliate links. More.
Kia’s three-row electric SUV, the EV9, is back for 2026 with smaller up-front rebates, but thanks to the federal EV tax credit, you could still come out ahead.
The 2025 Kia EV9 started at $56,395 and came with up to $10,000 off, thanks to Kia’s generous deals. That helped clear out inventory fast. Now, for 2026, Kia is dialing its deals back a bit.
According to a dealer bulletin seen by CarsDirect, the 2026 EV9 is launching with a $4,000 Customer Cash incentive available on all trims for buyers. On top of that, there’s a $1,000 Competitive Bonus Program for shoppers who either lease or buy the EV9 by July 7. That bonus is open to anyone who owns a 2014-2026 vehicle from a competing brand – think BMW, Tesla, Toyota, and others. No trade-in is required.
That means eligible shoppers could knock $5,000 off the sticker price. And since the 2026 EV9 qualifies for the $7,500 federal EV tax credit (at least most trims), total savings could climb to $12,500.
Leasing instead of buying? Kia’s also offering a $399 per month introductory lease deal on the 2026 EV9.
That $4,000 rebate is a step down from the up to $10,000 off the 2025 model, but most 2025 EV9s weren’t eligible for the $7,500 tax credit. The 2026 version is, as long as you’re looking at a trim that qualifies. The high-performance EV9 GT is built in South Korea, which makes it ineligible under current federal rules, but the other EV9 trims built in Georgia qualify.
The 2026 Kia EV9 will arrive at dealerships in the second half 2025. Click here to find a local dealer that will stock the 2026 Kia EV9. –trusted affiliate link
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway