Toyota sells record number of vehicles

Henry

The vehicle manufacturer Toyota broke the records with 11.2 million vehicles sold in the 2023 financial year.

This achievement has ensured that the Japanese company remains firmly in first place as the world’s top vehicle seller for the fourth consecutive year.

Toyota’s figures indicate annual growth of 7.2%.

Germany’s Volkswagen group also had a good year behind the plate, with 9.2 million sales in 2023. This company’s sales increased by 12% compared to the previous year.

South Korea’s Hyundai-Kia maintained its third place on the podium with 7.3 million vehicle sales. This is 6.7% more than the previous year.

In terms of market value, Elon Musk’s electric vehicle maker, Tesla, is still number one in the world.

Toyota said on Tuesday that it attributes its latest performance to strong demand in every region where its vehicles are sold, as well as an improvement in the shortages previously experienced in semiconductors.

“We will continue to monitor the situation regarding the supply of parts and make every effort to deliver as many vehicles as possible to our customers as early as possible.”

Tuesday’s figures include the combined sales for the Toyota, Lexus, Daihatsu and Hino brands – all owned by Toyota Motor Corporation. Toyota beat its own previous record of 10.7 million sales, set in 2019 when Toyota overtook Volkswagen.

Toyota and Lexus accounted for most of the manufacturer’s 11.2 million sales worldwide, with 10.3 million vehicles sold combined.

Smaller vehicle manufacturer Daihatsu’s sales declined slightly, while truck and bus maker Hino’s sales fell by 10% following a scandal over engine testing irregularities in Japan.

However, when it comes to electric car sales (EVs), Toyota is far behind.

Toyota has been slower than some other rivals to embrace electric vehicle investments, as they have long focused more on hybrid vehicles.

In 2023, it sold just 104,018 EVs, a fraction of the 1.81 million Tesla sales and 1.57 million sales for China’s BYD.

Toyota’s hybrid unit sales were indeed 3.4 million last year – a huge upward leap of 31.4%.

However, the company says it plans to have an electrified version for every Toyota and Lexus model worldwide by 2025.

Toyota also aims to sell 1.5 million EVs annually by 2026, and 3.5 million by 2030.

The company said this month it will significantly expand its electric battery plant in North Carolina.

This year, in the midst of its excellent performance, Toyota hit a speed bump which led to the suspension of the shipment of 10 models. This follows irregularities with the testing of certain engines at a sister company.

According to Toyota, this company, Toyota Industries, failed to conduct sufficient horsepower output tests for the certification of three diesel engine models.

The Toyota Land Cruiser 300 and HiAce are among the models that use the affected engines.

According to Toyota, this step will affect around 36,500 Toyota vehicles that are produced monthly.