Toyota Motor announced that it sold 11.23 million vehicles in 2023, which is a new annual record, maintaining its global sales leadership for the fourth consecutive year.
The achieved results include sales from subsidiaries, including Lexus, Daihatsu, and truck manufacturer Hino, representing a 7.2% increase in the group’s global sales, driven by strong demand in Japan, North America, and Europe.
Only the Toyota brand sold 10.31 million vehicles worldwide, a 7.7% increase, despite the impact of semiconductor shortages.
On the other hand, the Japanese company’s automobile sales slightly decreased in China due to intensified local competition and also declined in Thailand and Vietnam due to weakening local economies.
Although Toyota has lost ground in fully electric vehicles, the group has benefited from an increase in hybrid car sales. The Japanese group’s global production also increased by 8.6% to a record 11.52 million vehicles.
It is worth noting that German rival VW sold 9.24 million vehicles last year (up 12%), while South Korean Hyundai-Kia maintained third place with 7.3 million units sold in 2023 (up 6.7%).
Toyota’s data was revealed one day after Toyota CEO Koji Sato apologized to customers, suppliers, and dealers for irregularities related to vehicle quality control.
On Monday, the group had revealed that subsidiary Toyota Industries Corporation had committed irregularities in power measurements of three diesel engines manufactured by the company and installed in 10 of the vehicle models sold worldwide.
