In 2023, Toyota Motor Group achieved a remarkable milestone by setting a new record for global sales, signaling a strong recovery from the challenges posed by the Covid-19 pandemic and chip shortages in previous years.
The Japanese automaker disclosed on Tuesday that its worldwide sales, inclusive of subsidiaries Daihatsu Motor and Hino Motors, experienced a notable 7.2% increase, reaching 11.2 million vehicles for the year. This figure surpassed the previous record of 10.7 million units achieved in 2019.
Toyota also reported a substantial growth in global production, rising by 8.6% to an all-time high of 11.5 million vehicles throughout the year 2023.
The positive trend continued into December, with sales witnessing a 10% surge compared to the same month in the previous year, totaling 1.0 million vehicles. Concurrently, production experienced a notable 7.7% increase, reaching 906,570 units. This surge in both sales and production was attributed to robust demand and a gradual alleviation of the semiconductor shortage.
The recovery in global sales and production figures is a testament to Toyota’s resilience and adaptability in navigating the challenges posed by external factors. The easing semiconductor shortage played a pivotal role in facilitating increased production, contributing to the overall positive performance for the year.
Toyota remains a key player in the automotive industry, and the record-breaking sales and production figures for 2023 underscore the brand’s ability to overcome adversities and maintain a strong global presence. As the industry continues to evolve, Toyota’s performance in the past year positions it favorably for future growth and stability.