In 2023, Toyota Motor Corp. sold more passenger cars than any other company, easily surpassing Volkswagen AG to take the top spot in the global auto industry for a record-breaking fourth year.
According to the firm, global sales in 2023 reached a record 11.2 million automobiles, up 7.2% from the previous year and includes those of subsidiaries Daihatsu Motor Co. and Hino Motors Ltd.
Cars that come off the assembly line are referred to as output, and they increased by 8.6% to 11.5 million units. In 2023, Volkswagen delivered 9.24 million vehicles, a 12% increase.
Toyota is now selling everything it produces, according to Tatsuo Yoshida, senior auto analyst at Bloomberg Intelligence, after having supply chain issues the previous summer.
Even if the world is moving more slowly towards electric cars, Toyota was nevertheless able to increase production and make significant foreign profit last year because to strengthening supply chains and stable demand in North America and Europe. In the meantime, the majority of the world continues to see strong domestic demand for hybrid vehicles.
Even while Toyota’s full-year 2023 results solidify its lead, China’s BYD Co. may have created the greatest media attention last year when it overtook Elon Musk’s Tesla Inc. to become the world’s largest producer of electric vehicles. The sole vendor of EVs and plug-in hybrids, BYD, is situated in Shenzhen, and it sold about 3.02 million of them in 2023.
In contrast, Toyota sold 104,018 battery-electric vehicles. The Japanese automaker had originally planned to sell 202,000 units by the end of the fiscal year in March, but due to supply and demand concerns, it reduced that target to 123,000 units in November.
1.81 million Teslas were delivered in the previous year.
Toyota CEO Koji Sato has stated that the company will be able to sell 1.5 million battery-electric vehicles (EVs) per year by 2026, and 3.5 million by 2030.
Following an internal inquiry that found one of its suppliers, Toyota Industries Corp., had been falsifying test data to obtain certification for its vehicles, the automaker on Monday halted delivery of ten models.
The disclosures added to a scandal that surfaced in December following the discovery that famed lightweight vehicle manufacturer Daihatsu had altered collision safety test results going all the way back to 1989.
Continue reading: Toyota Promises Change After Affiliate Arrested in Safety Scandal
Even if the effects and financial cost of the dishonest behaviour are still being felt, Toyota has promised to intervene if Daihatsu finds it difficult to reimburse its suppliers and business associates while production is temporarily halted and cars are recalled.
Toyota Chairman Akio Toyoda is expected to discuss his outlook for the company’s future with media on Tuesday afternoon in Nagoya Prefecture. This month, Toyoda stated that electric vehicles would only account for 30 percent of the market.
Japan’s transport ministry gave Daihatsu an order to present countermeasures by the middle of February in order to stop this kind of incident from happening again. Additionally, Toyota stated that it will unveil a new structure, but it did not elaborate.