Toyota's record hybrid sales show 'multi-pathway' is working, for now

30-year legacy, slowing shift to battery EVs underpin carmaker's pursuit of variety

Akio Toyoda, Toyota's current chairman, who as Toyota's president in 2021, noted, "The enemy is carbon, not internal combustion engines," in response to criticism that the company was lagging the industry in electric vehicle development. (Nikkei montage/Source photos by Yuki Nakao and Mayumi Tsumita)

SAYUMI TAKE

January 31, 2025 16:44 JST

TOKYO -- Toyota Motor held its title as the world's largest automaker by sales in 2024. This is thanks in part to record-high hybrid sales, a sign that Toyota's continued commitment to develop a variety of engine technologies instead of going all-in on fully electric vehicles is paying off.

The Japanese carmaker said Thursday that it sold 4.1 million hybrid vehicles under the Toyota and Lexus brands worldwide in 2024, up 21% year on year and the highest ever for one year. Sales in North America were up 48% compared with 2023 as buyers of new cars increasingly opt for hybrids, according to the company. Sales in China and Europe also increased, 27% and 8%, respectively, compared with the previous year.