Toyota Motor Corporation, a titan in the automotive industry, has set a new global sales record in 2023, surpassing its main competitor, Volkswagen (VW), for the fourth consecutive year. The company’s successful strategy and diverse product range, particularly in electric vehicles (EVs), have significantly contributed to this achievement.
In 2023, Toyota’s global sales, including its subsidiaries Daihatsu and Hino, grew by 7.2% year-on-year to reach 11.2333 million units, marking the highest annual sales in the company’s history. This surge was driven by robust demand across various regions, with overseas sales climbing by 4.1% to 8.928 million units and Japanese sales increasing by 20.9% to 2.305 million units. The growth in Japan was particularly notable, marking the first increase in four years.
Excluding its subsidiaries, Toyota’s global sales for the Toyota and Lexus brands alone rose by 7.7% to 10.3 million units in 2023, crossing the 10 million unit threshold for the first time. This performance placed Toyota well ahead of Volkswagen’s approximate sales of 9.24 million units, reinforcing its position as the world’s top automaker.
Toyota’s production numbers mirrored its sales success. The group’s global production increased by 8.6% to 11.518 million units, with unit production rising by 11.1% to 10.033 million units. Both figures set new records, with production exceeding 10 million units for the first time.
The surge in electrified vehicle sales was a significant highlight for Toyota in 2023. Sales of these vehicles, including EVs, hybrid vehicles (HVs), plug-in hybrid vehicles (PHVs), and fuel cell vehicles (FCVs), jumped by 35% to 3.680 million units. Notably, EV sales skyrocketed by 325.2% to 104,018 units, while HV sales grew by 31.4% to 3.42 million units, and PHV sales increased by 38.1% to 124,755 units. FCV sales, however, saw a slight decrease of 0.1% to 3,921 units.
Toyota’s remarkable performance in 2023, particularly in the electric vehicle sector, underscores the company’s adaptability and commitment to innovation in a rapidly evolving automotive industry. This achievement positions Toyota not only as a leader in traditional automotive manufacturing but also as a major player in the future of electric and sustainable mobility.
