In 2023, Toyota Motor Corporation retained its position as the world’s leading car manufacturer for the fourth year in a row, outperforming Volkswagen AG. The company’s global sales, inclusive of its subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., escalated by 7.2% from the previous year, achieving a record-breaking 11.2 million vehicles. Production saw an 8.6% increase, reaching 11.5 million units, whereas Volkswagen AG reported a 12% increase in deliveries, totaling 9.24 million units.

Tatsuo Yoshida, a senior auto analyst at Bloomberg Intelligence, commented on Toyota’s remarkable recovery from last summer’s supply chain challenges, highlighting the company’s efficiency in selling its entire production.

Toyota’s success in 2023 was partly attributed to the recovery of supply chains and consistent demand in North America and Europe. Despite lagging in the electric vehicle (EV) market, the demand for Toyota’s hybrids remained robust globally. In contrast, China’s BYD Co. surpassed Tesla Inc. as the leading manufacturer of electric cars, selling approximately 3.02 million units in 2023.

Toyota’s sales of battery EVs stood at 104,018 units, falling short of its initial target. The company has set ambitious goals for the future, with Toyota CEO Koji Sato promising annual sales of 1.5 million battery EVs by 2026, expanding to 3.5 million by 2030.

Amid these achievements, Toyota faced challenges due to a scandal involving Toyota Industries Corp., a supplier found to be manipulating test results. This led to a halt in shipments of 10 models. Additionally, Daihatsu, a subsidiary of Toyota, was implicated in a safety test manipulation scandal dating back to 1989. Toyota has committed to support Daihatsu in addressing the financial and production impacts of this issue.

Toyota’s Chairman Akio Toyoda, who believes EVs will capture a maximum of 30% market share, is set to discuss the group’s future vision. The company is also expected to announce a new structure in response to these challenges, as mandated by Japan’s transport ministry for Daihatsu.

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