Toyota EV Sales Surge 127% in 2024, But China Slump Drags Global Deliveries Down for Third Straight Month

Toyota’s electric vehicle sales more than doubled in the first nine months of 2024, jumping 127% year-over-year, but the Japanese automaker is facing a harsh reality in China, where demand for its traditional gasoline and hybrid models is crumbling. The result: global sales have now fallen for three consecutive months. Toyota sold 6.32 million vehicles globally through September, a 1.4% decline from the same period last year, even as its EV lineup gains traction. The sharp rise in EV sales, while impressive on paper, comes from a small base and hasn’t been enough to offset the broader downturn in China, the world’s largest auto market. There, local brands like BYD are dominating with affordable, tech-heavy EVs, leaving legacy automakers struggling to keep up. The China slump matters because it signals a structural shift, not just a temporary dip. Toyota’s heavy reliance on hybrids, once a strength, is becoming a liability as Chinese consumers leapfrog to full electric. The company is now scrambling to roll out more competitive EVs, but the road ahead is steep. If Toyota can’t reverse the China decline soon, its global sales slide may accelerate, forcing a strategic rethink.