Production output witnessed an 8.6% growth, reaching 11.5 million units, while Volkswagen’s deliveries surged by 12% to 9.24 million units in 2023 (Toyota is the world’s top carmaker).
In 2023, Toyota Motor Corp. claimed the world’s leading carmaker title for the fourth straight year, surpassing Volkswagen AG in passenger vehicle sales. The global sales, inclusive of subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., saw a 7.2% increase from the previous year, reaching a record-breaking 11.2 million cars, as reported by the company on Tuesday.
Production output, denoting the number of cars manufactured, experienced an 8.6% growth, totaling 11.5 million units. Meanwhile, Volkswagen‘s deliveries saw a 12% increase, reaching 9.24 million units in 2023.
“From grappling with supply chain challenges last summer, Toyota has now transitioned to selling everything it produces,” noted Tatsuo Yoshida, a senior auto analyst at Bloomberg Intelligence.
Despite lagging in the global shift towards electric vehicles, Toyota saw a surge in production and profits abroad in 2023, thanks to recovering supply chains and consistent demand in North America and Europe.
The high demand for hybrids in Japan and global markets further contributed to the company’s success. While Toyota solidified its dominance in 2023, China’s BYD Co. made waves by surpassing Tesla Inc. as the world’s leading electric car manufacturer, selling approximately 3.02 million units with a focus on EVs and plug-in hybrids.
Toyota, by comparison, sold 104,018 battery EVs. Initially, the Japanese carmaker aimed to sell 202,000 units during the fiscal year that ends in March, but lowered that goal to 123,000 in November, citing issues of demand and supply.
Tesla delivered 1.81 million vehicles last year.
Toyota Chief Executive Officer Koji Sato has promised the automaker will be able to sell 1.5 million battery EVs annually by 2026, and 3.5 million by 2030.
On Monday, the carmaker suspended shipments of 10 models after an internal investigation revealed that one of its suppliers, Toyota Industries Corp., had been manipulating test results to gain certification for its vehicles.
The recent disclosures added to a scandal that emerged in December, revealing that unit Daihatsu, responsible for selling and supplying popular lightweight trucks, manipulated collision safety test results dating back to 1989.
As the consequences and financial repercussions of the deceptive conduct are just unfolding, Toyota has expressed its commitment to intervene if Daihatsu faces challenges compensating its suppliers and business partners during the partial suspension of production and vehicle recalls.
Scheduled to address reporters on Tuesday afternoon in Nagoya prefecture, Toyota Chairman Akio Toyoda will share his vision for the group’s future, reiterating his recent statement that electric vehicles will, at most, reach a 30% market share.
Japan’s transport ministry has directed Daihatsu to present countermeasures by mid-February to prevent a recurrence of such incidents. Toyota, in response to the situation, has stated its intention to unveil a new structure, though the specifics of this restructuring remain unspecified.
