Source:-Toyota
Toyota Motors 11.2 Million Car Sales in 2023: A New Milestone for the Industry
In 2023, Toyota Motor Corp. outpaced Volkswagen AG and secured its position as the leading carmaker globally, selling the highest number of passenger vehicles. The company reported a record-breaking 11.2 million car sales, including subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., marking a 7.2% increase compared to the previous year. Furthermore, the production output surged by 8.6% to 11.5 million units. Meanwhile, Volkswagen delivered 9.24 million units, experiencing a 12% growth in 2023.
According to Tatsuo Yoshida, a senior auto analyst at Bloomberg Intelligence, Toyota Motors has successfully overcome its supply chain challenges and is now able to sell everything it produces.
Source:-Toyota
Despite lagging in the electric vehicle revolution, Toyota Motors managed to enhance its production and profitability by capitalizing on recovering supply chains and steady demand in North America and Europe. The demand for hybrids remains consistent worldwide, while China’s BYD Co. surpassed Elon Musk’s Tesla Inc. as the leading producer of electric cars with 3.02 million units sold in 2023. In comparison, Toyota Motors sold 104,018 battery electric vehicles (EVs) and adjusted their target from 202,000 to 123,000 due to demand and supply constraints. Tesla achieved a remarkable feat by delivering 1.81 million vehicles last year.
Source:-Toyota
Toyota’s CEO, Koji Sato, has committed to selling 1.5 million battery EVs annually by 2026 and 3.5 million by 2030. However, Toyota recently faced setbacks when an internal investigation revealed that their supplier, Toyota Industries Corp., manipulated test results for certification purposes, leading to the suspension of 10 models. This incident added to the company’s scrutiny after Daihatsu was found guilty of manipulating collision safety test results dating back to 1989. To alleviate the burdens faced by suppliers and business partners during the partial suspension and recall of vehicles, Toyota assured its involvement in compensating Daihatsu.
Source:-Toyota
On a broader scale, Toyota’s chairman, Akio Toyoda, expressed his belief that EVs would only capture a 30% market share at best. He plans to discuss his vision for the future of the group during a press conference in Nagoya prefecture.
Following the safety scandal, Japan’s transport ministry ordered Daihatsu to implement preventive measures by mid-February. Toyota intends to introduce a new structure; however, the specific details were not provided.