Toyota Motor Corp: Toyota Motor Corp retained its title as the world’s best-selling automaker in 2022, expanding its lead over Volkswagen AG despite persistent supply chain issues. The Japanese business said on Monday that group sales, which include those of its subsidiaries Daihatsu Motor Co and Hino Motors Ltd, were mostly steady at 10.5 million units for the year. Volkswagen sales dropped 7% last year to 8.3 million cars, the lowest level in 11 years.
Toyota’s third straight year of gains
While Toyota has gained ground on its German rival for the third year in a row, the fundamental issue for Toyota and other automakers is the threat of diminishing global demand.
Toyota, on the other hand, maintains that it is unable to produce enough vehicles to reduce delivery times. Customers are claiming months or even years of waiting for specific models.
Toyota has set an output target of up to 10.6 million vehicles for the fiscal year beginning in April, with the caveat that final shipments could be 10% lower if it is unable to source enough parts, particularly semiconductors.
Toyota Motor Corp: S&P Global Mobility predicts
According to S&P Global Mobility, Toyota will maintain its advantage over Volkswagen in 2023, with 10.4 million light vehicle sales versus 7.99 million for the German automaker. According to the researcher, Volkswagen sales are expected to recover beginning in 2024, while Toyota is on course to exceed 11 million annual light vehicle sales by the end of the decade.
Worldwide sales of Toyota
Returning to Toyota, global sales dipped 0.1% as record exports of 8.6 million vehicles helped to offset a 9.6% decline in its domestic market to 1.9 million. The company, like its competitors, was plagued by chip supply issues. However, it increased global output by 5% in 2022 as a result of strong demand in Asia, increased manufacturing capacity, and optimization in Asia and North America.
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