The Japanese automotive market experienced a surprising change in 2024. BYD surpassed domestic giant Toyota in electric vehicle sales. The Chinese automaker sold 2,223 electric vehicles, up 54 percent from the previous year; while Toyota’s sales fell 30 percent to 2,038 units.
BYD vs Toyota winner is clear
BYD’s rise and Toyota’s decline mean that an all-electric foreign brand has surpassed Toyota on its home soil for the first time. BYD’s rapid rise has gained momentum with the consecutive launches of the Atto 3, Dolphin and Seal models since its entry into the market in 2023.
The company aims to continue its momentum with the Sealion 07, which is planned to be launched in 2025. In contrast, Toyota struggled to keep up with BYD despite a 10 percent increase in sales of its bZ4X crossover model, reaching 1,012 units.
Tesla met expectations with recently announced Tesla Model Y "Juniper," as it received 50,000 orders in the Chinese market on the first day.
In general, the Japanese electric vehicle market shrank in 2024. Sales fell below 60,000 units with a 33 percent decrease, marking the first decline in four years. The decline also pushed its electric vehicle market share below 2 percent, leaving it behind other developed countries.
Nissan maintained its leading position with about half of its market share, but its sales figures declined. Both the Leaf and Sakura models saw significant declines in sales of 44 percent and 38 percent, respectively.
