By Theodore Opara

TOYOTA dealerships in Nigeria are savoring the exploit of the brand as the world’s highest selling brand for five consecutive times. In Nigeria, some of the dealerships believe that the brand is equally dominating the market by accounting for more than 80 per cent of passenger cars on Nigerian roads.

According to a Toyota dealer who preferred not to be mentioned: “12 out of every 15 cars on Nigerian roads is a Toyota”, adding that Toyota’s exploit in Nigeria has been unprecedented.

Another Toyota dealer, Mr. Victor Oguamanam, Managing Director of Globe Motors said that the Toyota credential as the highest selling brand across the globe reflects on Nigerian representatives too.

“As you know, there is a direct reflection on Nigerian market. Toyota remains number one in Nigeria. It is something in line with what Toyota is. It means that Nigerians know quality when they see one,” he said.

“We are happy to be associated with the brand that has remained the leading brand in Nigeria for some decades,” he said.

He highlighted the unique attributes that have kept Toyota as the number one brand in the world and in Nigeria to durability, reliability, ruggedness, quality, efficiency and value for money.

Mr. Oguanmanam added that Toyota takes its Research and Development very seriously. “Toyota is always researching and improving its product with combined experience over the years.

“At Toyota Motor Company, there is this policy of good thinking, good products, and it is Toyota policy to develop good products,” he said.

He however, waved off the assertion that Chinese brands are a threat to Toyota, given the exploit of some Chinese brands in Nigeria and the world in general.

“I don’t think the Chinese brands are a threat to Toyota products. They fill a segment that is there to be filled. The Chinese is filling a gap which can affect the bottom line,” he said.

Toyota Motor Corp. sold more cars than any other automaker for the fifth consecutive year in 2024 while China’s fast-growing BYD Co. surpassed Honda Motor Co., Nissan Motor Co. and Suzuki Motor Corp. in vehicle sales for the first time, industry data showed recently.

He attributed the strength of Toyota vehicles to include ease of maintenance, fuel efficiency, durability, safety and comfort.

Toyota Group, which includes minivehicle maker, Daihatsu Motor Co. and truck manufacturer, Hino Motors Ltd., sold 10.82 million units in 2024, down 3.7 per cent from a year earlier, the Japanese company said, adding that a high level of sales was supported by robust demand for hybrid vehicles.

Archrival, Volkswagen AG of Germany, sold 9.03 million cars in the year. South Korea’s Hyundai Motor Group, which includes Kia Corp., delivered around 7.23 million units.

BYD sold 4.27 million cars globally last year, 41.3 per cent more than a year earlier and overtaking Honda’s 3.81 million, Nissan’s 3.35 million and Suzuki’s 3.25 million vehicles, in a move that underscores the rapid growth of China’s leading electric vehicle maker that has offered cheap products.

Toyota alone sold 10.16 million cars, down 1.4 per cent after it was hit by a vehicle certification scandal in Japan, following which it briefly halted production of some models. Domestic sales fell 13.8 per cent to 1.44 million units.

Meanwhile, Japan’s Toyota Motor  raised its full-year operating profit forecast by 9 per cent on Wednesday,  a sign of confidence in its ability to ride out the impact of any potential U.S. tariffs.

The world’s top-selling automaker raised its profit forecast for the year through March 2025 to 4.7 trillion yen ($30.7 billion) versus 4.3 trillion yen expected previously.

The revision reflected efforts to strengthen its earnings power through keeping a lid on incentives, raising prices and stabilising production, Toyota said in presentation materials. It also expects to gain from a weak yen.

Toyota made the revision even though it posted weaker-than-expected earnings for the third quarter for which it booked its second successive quarterly profit decline.

Operating profit for the three months through December totalled 1.22 trillion yen, down 28 per cent from a year earlier and compared with the 1.42 trillion yen average of nine analyst estimates in an LSEG poll.

In recent quarters, Toyota’s profit was pushed higher by strong hybrid vehicle demand in the U.S. and other major markets.

By region, operating income in North America, which includes its top market by vehicle sales, the US, fell by 63 per cent over the first nine months of the financial year mainly due to a decrease in sales volume and higher personnel-related costs.

Operating income in China also declined during that period, pressured by higher marketing costs as the automaker sought to retain market share amid heavy competition from Chinese brands.

Toyota said it would establish a wholly owned company in Shanghai to develop and produce electric vehicles and batteries for its luxury Lexus brand, with production set to start in 2027 and have an initial capacity of around 100,000 units a year.

Last week, Toyota reported global group unit sales of 10.8 million vehicles for 2024, making it the world’s best-selling automaker for a fifth successive year.

By region, the automaker’s sales in North America saw a 4.3 per cent rise to 2.73 million cars, while European sales logged a 3.6 per cent increase to 1.17 million units amid brisk shipments of such models as the RAV4 and C-HR. Sales in China fell 6.9 per cent to 1.78 million vehicles amid stiff price competition.

Sales of hybrid vehicles rose 21.1 per cent to 4.14 million vehicles, lifted by increasing demand in key markets such as North America and Europe amid a cooling boom for EVs globally. The company’s EV sales grew 34.5 per cent to 139,892 units.

The group’s global production fell 7.8 per cent to 10.62 million vehicles, with Toyota’s output falling 5.1 per cent to 9.52 million cars.

The automaker halted production of some popular models, such as the Yaris Cross, following the scandal in which it admitted to not fully following government standards in vehicle testing.

Total global sales by Japan’s eight major automakers in 2024 fell 1.1 per cent from a year earlier to 24.53 million units while their worldwide production slid 6.6 per cent to 24.10 million.