…….sold 10.5 million vehicles in 2022.
Japan-based Toyota Motor Corp continues to be the world’s top-selling automaker, defending its title for a third straight year, selling 10.5 million vehicles in 2022.
Second to Toyota is the Volkswagen Group, which reported its lowest-ever sales in over a decade earlier this month.
The automaker sold 8.3 million vehicles in 2022.
The Ukraine war and COVID-19 lockdowns in China impacted the supply chains.
Toyota’s global sales – including truck unit Hino Motors and small-car maker Daihatsu – inched down 0.1 per cent.
Its record overseas sales of 8.6 million vehicles helped offset a 9.6 per cent dip in its home market to 1.9 million.
Chip-related supply constraints, like other rivals, hit the company.
Strong demand in Asia and increase in production capacity, helped it boost global production by five per cent in 2022.
Optimisation in Asia and North America is its other advantage.
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According to a report by Bloomberg, S&P Global Mobility predicts that Toyota will continue to widen its lead over Volkswagen in 2023.
This would be with 10.4 million light vehicle sales versus 7.99 million for the German carmaker.
It says that the auto maker’s sales are projected to recover from 2024, while Toyota is on track to top 11 million in annual light vehicle sales by the end of the decade.
“For both companies, the impact of production constraints will gradually ease,” said Yoshiaki Kawano, an analyst at S&P Global Mobility.
“Overall, moderate recovery and growth are seen over the medium to long term.”
Toyota Motor Corp. made Lexus President Koji Sato, Chief Executive Officer, replacing the long-serving Akio Toyoda.
Sato, 53, takes on leadership of Toyota at a watershed moment.
The carmaker is facing criticism for its reluctance to plough headlong into electric vehicles.
Instead, it is spreading its bets across various technologies such as battery-based EVs, hybrid technology, hydrogen-powered cars and traditional combustion vehicles. (Livemint)
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