2024 proved to be a landmark year for the global automotive industry, with numerous manufacturers reporting unprecedented sales and significant shifts toward electric vehicle (EV) adoption.
Leading the charge, Lexus unveiled its best-ever global sales performance, achieving sales of 851,214 units—an astounding 103.3% increase year-over-year. The brand attributed this remarkable growth to heightened demand particularly from North America and Europe, as well as improvements in the supply chain. Notably, electrified vehicles, comprising hybrid, plug-in hybrid, and battery electric models, accounted for 52% of total sales. This shift reflects consumers' increasing preference for cleaner, greener options.
“Electrified vehicles accounted for a record 52% of total sales,” stated Takashi Watanabe, Lexus International President, who also mentioned the new LBX and GX models recently launched, which have been well-received by customers.
Meanwhile, BAIC Group manifested impressive results, boasting annual vehicle sales of 1.71 million units with revenues surpassing 480 billion yuan. This surge is part of their ambitious three-year action plan aimed at hitting 3 million units sold annually by 2027, with plans to invest more than 13 billion yuan in research and development (R&D) focusing on intelligent driving technologies and electric vehicles.
McLaren, the British supercar manufacturer, also reported strong sales, exceeding the cumulative milestone of 50 units sold since its entry to the Indian market. Achieving annual sales of 20 units last year, McLaren remains optimistic about its growth prospects. Lalit Choudary, Dealer Principal of McLaren Mumbai, highlighted this, stating, “Overall the fast car market continues to grow, allowing McLaren to stabilize with year-on-year growth.”
On the electric vehicle front, Urban Science's fourth-quarter 2024 report reflected significant growth, noting EVs—including hybrids, plug-in hybrids, and battery electric vehicles—accounted for nearly 25% of U.S. vehicle sales. The data revealed a 34% year-over-year increase for Q4 alone, as total EV sales surged by 22% for the year. Tom Kondrat, global lead for advanced analytics at Urban Science, elaborated, "When we look at EV sales across the country, we see significant growth in places like Texas and Florida.”
Consumer behavior has also been shifting, with studies indicating 80% of EV buyers are committed to staying within the electric vehicle category following their first purchase. This loyalty reflects not only satisfaction with the vehicles but also the growing comfort of consumers with electric technology.
Conversely, traditional market leaders are seeing shifts. Tesla, the dominant player for years, saw its market share diminish to 46% by Q4 2024, the lowest it has been since 2015. This signals increasing competition from various automakers who are advancing their EV offerings.
Sojitz Fuso Philippines Corporation (SFP) marked notable achievements in 2024 as well, reporting vehicle sales growth of 35% compared to the previous year. SFP’s efforts to expand its network are set to continue, with plans to increase its dealer bases from 19 to 21 by the end of 2025. “The success we have achieved is directly connected to our collaborative partnerships with businesses,” noted SFP President & CEO, Mr. Yosuke Nishi.
The varying trajectories of automotive companies all reflect broader trends within the industry. Electrification, smart technology, and responding to market demands seem to be key drivers of sales and market adaptation, allowing manufacturers to stay competitive.
Lexus’s features such as its new LBX, alongside strategic expansions by BAIC and luxury brands like McLaren, are setting the stage for 2025. The automotive industry is poised for another potentially thrilling year, as manufacturers navigate through consumer preferences and technological advancements.
Looking forward, industry observers are optimistic about compound growth, underlining the importance of adapting to consumer demands and embracing innovation to stay relevant. With continued investments and strategic planning, the automotive sector looks ready to not only meet but exceed consumer expectations, transforming the driving experience worldwide.