Toyota has solidified its position as the world’s top-selling automaker for the fourth year in a row, according to figures released by the company. The Japanese giant reported sales of 11.2 million vehicles globally in 2023, a significant 7.2% increase compared to the previous year and a new annual sales record for the company.
A Toyota Corolla.
This impressive performance places Toyota ahead of its German competitor, Volkswagen, which reported 9.2 million sales, a 12% year-on-year increase. South Korea’s Hyundai-Kia secured the third position with 7.3 million sales, marking a 6.7% rise. The majority of Toyota’s sales stemmed from its Toyota and Lexus brands, with additional contributions from subsidiaries Daihatsu and Hino Motors. The United States proved to be Toyota’s largest market, contributing 2.6 million sales, a 7% increase compared to 2022.
Hybrid vehicles accounted for approximately one-third of Toyota’s total sales. While the company has been relatively slow to embrace fully electric vehicles, it is now making significant investments in this sector. Despite this renewed focus, electric car sales currently represent less than 1% of Toyota’s overall sales figures.
However, the company’s journey hasn’t been without its challenges. Toyota has recently faced several scandals that have impacted its operations and reputation.
Earlier this year, Toyota announced a temporary halt in shipments of several models, including the popular Hilux truck and Land Cruiser 300 SUV. This disruption was caused by irregularities discovered in diesel engine tests conducted by supplier Toyota Industries. Further complicating matters, long-running safety test wrongdoings were revealed at Daihatsu towards the end of 2023. Additionally, in 2022, Hino Motors, another Toyota subsidiary, was found to have falsified emissions data.
Toyota chairman Akio Toyoda, great-grandson of the company’s founder, publicly addressed these issues, expressing his apologies to customers and stakeholders for the inconvenience and concern caused by the recurring irregularities at Hino Motors, Daihatsu, and Toyota Industries. He pledged to lead the group’s reform efforts to address these concerns and rebuild trust.
In conclusion, Toyota’s continued dominance in the global automotive market is undeniable, with record-breaking sales figures and a strong position against its competitors. However, the company must navigate the challenges posed by recent scandals to maintain its reputation and ensure continued success in the evolving automotive landscape.
