Toyota tops global auto sales for fourth consecutive year
Toyota Motor, the renowned Japanese automaker, has once again set a benchmark in the global automotive industry by selling a record 11.2 million vehicles in 2023. This marks the fourth consecutive year that Toyota has claimed the title of the world’s top-selling automaker.
The company announced on Tuesday a notable 7.2 percent increase in global group sales from the previous year. This figure includes sales from its subsidiaries, Hino Motors – known for trucks, and Daihatsu, which specializes in small cars. A significant driver of this success was Toyota’s overseas sales, which soared to a record 8.9 million vehicles.
Toyota’s achievement is particularly striking when compared to the sales figures of its closest rival, the Volkswagen Group. The German automotive conglomerate reported earlier this month a 12 percent rise in its deliveries, totaling 9.2 million vehicles for the last year. While this indicates a robust recovery in the post-pandemic period, especially with improvements in supply chain conditions, Toyota’s sales figures distinctly outpace those of Volkswagen.
A closer look at Toyota’s sales reveals that the parent-only vehicles, comprising the Toyota and Lexus brands, reached an all-time high of 10.3 million units in 2023. This segment of Toyota’s business highlights the broad appeal of its product range across different market segments.
One notable aspect of Toyota’s sales composition is the strong performance of its gasoline-electric hybrid vehicles, which constituted about a third of its total sales. In contrast, battery electric vehicles (BEVs) represented less than 1 percent of the company’s overall sales, highlighting the current market preference for hybrid models over fully electric ones within Toyota’s lineup.