Toyota’s Maintains Lead as the World’s No. 1 Automobile Manufacturer for the Fourth Consecutive Year
Toyota Outpaces Volkswagen in 2023 Sales
Toyota Motor Corp. secured its position as the world’s leading carmaker for the fourth consecutive year, surpassing Volkswagen AG in passenger vehicle sales for 2023.
Record Sales and Production Surge
Global sales, including Daihatsu Motor Co. and Hino Motors Ltd. subsidiaries, surged by 7.2 percent from the previous year, reaching a landmark 11.2 million cars in 2023. Output from production lines also increased by 8.6 percent, totaling 11.5 million units. VW recorded deliveries of 9.24 million units in comparison, marking a 12 percent increase from the previous year.
Resilience Amid Supply Chain Challenges
Bloomberg Intelligence senior auto analyst Tatsuo Yoshida noted, “Toyota has gone from struggling with supply chains last summer to selling whatever it makes.” Despite challenges in the global shift toward electric vehicles, Toyota’s supply chain recovery and consistent demand in North America and Europe facilitated increased production and profitability.
High Demand for Hybrids
While Toyota’s global dominance in 2023 is apparent, its position in the electric vehicle market remains a work in progress. High demand for hybrids persists both domestically in Japan and across international markets.
Electric Vehicle Landscape
Although Toyota trails in the electric vehicle segment, China’s BYD Co. made waves by surpassing Tesla Inc. as the world’s top electric car manufacturer, selling approximately 3.02 million units in 2023. Toyota’s sales of battery EVs amounted to 104,018 units, falling short of initial targets due to demand and supply constraints.
Toyota’s Electric Vehicle Targets
Toyota CEO Koji Sato has set ambitious targets for the company, aiming to sell 1.5 million battery EVs annually by 2026 and 3.5 million by 2030. Despite these goals, Toyota faced setbacks when it suspended shipments of 10 models due to revelations of test result manipulation by supplier Toyota Industries Corp.
Addressing Internal Challenges
Toyota continues to address internal challenges, including a scandal involving Daihatsu’s manipulation of collision safety test results dating back to 1989. These incidents underscore the importance of transparency and integrity within the automotive industry.
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