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.
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Kia confirmed it will launch the EV4 this year as it fills out “a full lineup of popular EVs.” According to Kia, the EV4 is “an entirely new type of EV sedan with a distinct style and sports car-like proportions. However, it’s expected to be much cheaper than your average sports car. With its official debut around the corner, we are getting a closer look at what we can expect from the Kia EV4, including the inside. Check it out below.
The EV4 was revealed as a concept in October 2023 alongside the EV3 and EV5 as part of Kia’s new mass-market electric vehicle lineup.
After launching the EV3 in Korea, it’s now arriving in Europe and other overseas markets. The EV5 was initially launched in China, but Kia will bring the lower-priced electric SUV to Europe, Korea, Australia, and other regions in 2025.
Kia announced earlier this week that “the sedan-type electric vehicle EV4 will be launched sequentially around the world” after reporting Q4 and full-year 2024 earnings.
The EV4 will join the EV3, EV5, EV6, and EV9 to complete Kia’s “EVs for all,” with prices ranging from around $30,000 to upwards of $80,000. At the time, Kia said it plans to “significantly” and “rapidly” expand its electric car lineup, and it’s already making good on its promise.
Check out the Kia EV4, inside and out
Although we’ve already seen it a few times in public, including in the US late last year, a new video from HealerTV gives us a better idea of what to expect from the Kia EV4, including its interior.
One of the first things you will notice is the unique exterior profile. It appears to maintain much of the concept’s design with bold character lines and a streamlined silhouette.
Although not shown, the EV4 will feature Kia’s new ccNC (connected car Navigation Cockpit) infotainment system with dual 12.3″ driver display and infotainment screens.
The video shows what appears to be a spacious interior despite its expected smaller size. You can see how a car seat fits in the back seat with plenty of space.
Although prices and other specs will be revealed closer to launch, the EV4 is expected to start at around $30,000 to $40,000, depending on the market. Like the EV3, it’s also based on Hyundai’s E-GMP platform, which should deliver around 375 miles (WLTP) range, if not more, with the larger 81.4 kWh battery.
A hatchback EV4 model was also spotted out in public last year. The variant will likely be aimed at the European market.
Would you buy Kia’s electric sedan for around $35,000? Let us know in the comments below.
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Not-for-profit power cooperative Great River Energy, which serves 1.7 million people across Minnesota and Wisconsin, has partnered with Prisma Photonics to roll out real-time monitoring technology across 90 miles of transmission lines in northern Minnesota. Prisma Photonics will provide its PrismaPower system to track threats like wildfires, ice, wind, and physical damage to the Minnesota grid.
The multi-year project will install PrismaCircuit and PrismaClimate across five key transmission lines connected to four substations using existing fiber optic lines. The goal is to strengthen the grid ahead of Minnesota’s next winter season. These lines, spread across central and northern Minnesota, will now be under constant surveillance without the need for traditional sensors.
“We’re leveraging innovative new technologies that maximize our existing infrastructure investments,” said Priti Patel, vice president and chief transmission officer at Great River Energy. “This solution allows us to utilize our current fiber optic network in a new way to increase resilience in areas of northern and central Minnesota.”
Instead of installing physical sensors on power lines, Prisma Photonics’ technology taps into fiber optic cables already in place, transforming them into an advanced sensing system. Here’s how the company’s works:
Prisma Photonics Fiber Sensing works by connecting an optical interrogator unit into a standard single-mode optical fiber. It is one fiber, part of a cable laid alongside the monitored asset, probably for communications purposes. The Interrogator transmits optical pulses that propagate down the fiber. A minute fraction of the light is reflected from each point along the fiber. The Interrogator measures the reflected light to determine the strain, temperature, pressure, and other quantities over hundreds of kilometers of fiber with sub-meter resolution. The fiber is turned into a continuous acoustic sensor – as if there were tens of thousands of microphones spanning hundreds of kilometers.
Prisma Photonics says this means faster deployment, no service interruptions, and no need for specialized crews in all weather conditions.
Dr. Eran Inbar, CEO of Prisma Photonics, said, “Our partnership with Great River Energy demonstrates how utilities can extract additional value from their existing infrastructure to enhance grid resilience while avoiding traditional sensor-based solutions’ complexity and maintenance requirements.”
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Mitsubishi confirmed plans to finally launch its first EV in the US in 2026. The new electric car is expected to look similar to Nissan’s next-generation LEAF, which will debut later this year.
Mitsubishi plans to launch its first EV in the US in 2026
After notching its highest sales in the US since 2019 last year, Mitsubishi intends to keep the momentum going with a revamped lineup, including its first electric vehicle.
Mitsubishi told US dealers during a meeting earlier this week (via Automotive News) that the brand’s first EV will arrive in the US in 2026 alongside a new Outlander model.
According to sources, it will be a small electric crossover, similar to what the next-gen Nissan LEAF is expected to look like. Nissan is updating the iconic hatch with a new style closer to the Ariya, its electric SUV.
The new LEAF will use the same CMF-EV platform that underpins the Nissan Ariya. Nissan said its Chill-out concept from 2021 previewed the next-gen LEAF model. It will be more of a crossover coupe rather than the hatchback we are used to seeing.
Nissan is expected to unveil the new model later this year. Earlier this month, the new LEAF was spotted testing in the US, giving us our best look at the new EV so far.
Although RC Hill, chairman of the Mitsubishi National Advisory Board, said US dealers would “embrace” the brand’s first EV, it’s not expected to replace the Mirage. “It’s probably a solution to the OEM problem, but not a solution to move volume,” he explained.
The Mirage was the brand’s second-best-selling model in the US last year, behind the Outlander, but Mitsubishi ended production in December. To make up for it, Mitsubishi may cut Outlander Sport prices and introduce a new lower-priced trim ahead of its first EV arriving.
Although Mitsubishi was initially included in Nissan and Honda’s EV merger plans, the automaker is reportedly considering backing out.
With a wave of new electric crossovers and SUVs arriving in the US from Hyundai, GM, Volvo, Rivian, and several others, will Mitsubishi be able to stand out? Would you buy a Mitsubishi EV? Let us know in the comments below.
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