Toyota’s global sales increased 7.3% in fiscal 2024 – 10.3 million total, 37.4% hybrid; net income increased 101.7%
Toyota today reported net income of 4.9 trillion yen for fiscal year 2024 (FY 2024) ending March 31, 2024, 101.7% higher than the earnings it achieved. obtained in the previous fiscal year (FY 2023).
The increase in net income was driven by strong demand for Toyota and Lexus vehicles, with more than 10.3 million units sold globally in fiscal 2024, representing a 7.3% increase over fiscal 2023. The automaker saw strong demand in North America (+17%), Europe (+15.7%) and Asia (+3%).
Meanwhile, markets under the ‘Other’ category such as Central and South America, Oceania, Africa, Middle East and others saw sales increase by 4.6%. On the other hand, Toyota’s home market of Japan recorded a 3.7% decline in sales due to shipments being suspended due to the epidemic. Daihatsu safety scandal.
Regarding the types of vehicles sold, Toyota emphasized that sales of electric vehicle models increased by 35.3%, reaching 3.855 million units in fiscal year 2024 compared to 2.849 million units in fiscal year 2023. Hybrid vehicles (HEV) accounted for the majority of electric vehicle sales at 3.594 million units, up 32.1% compared to fiscal 2023, while plug-in hybrid vehicles (PHEVs) increased 60.3% to 141,000 units.
The automaker’s battery electric vehicle (BEV) sales recorded the highest increase at 310.1%, although total volumes still trailed PHEVs at 117,000 units. As for fuel cell electric vehicles (FCEVs), Toyota sold only 4,000 units in fiscal 2024, 11.3% more than fiscal 2023.
With 2024 revenue higher than 2023, the company’s sales revenue rose 21.4% to 45 trillion yen, while operating income increased 96.4% to nearly 5.4 trillion yen. For fiscal 2025 ending March 31, 2025, the company forecasts a modest increase in sales revenue to 46 trillion yen and a lower operating income of 4.3 trillion yen, followed by a taking into account a total of 2 trillion yen of investment for the future, including expansion multi-pronged strategy.
Toyota also forecasts sales of Toyota and Lexus models to reach 10.4 million units in fiscal 2025, just 0.9% higher than the figure recorded in fiscal 2024. is expected to achieve sales growth of 25.2% to 4.8 million units, especially HEV vehicles are expected to increase by 25.2% to nearly 4.5 million units.
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