Toyota keeps world's top-selling automaker crown in 2023, sells 1.12 crore cars

Toyota Motor Corporation claimed to have sold 1.12 crore units of passenger vehicles globally in 2023, keeping the top-selling automaker crown to itself. With this, the auto manufacturer became the world's top car manufacturer for a fourth consecutive year. At the second position in 2023 was Volkswagen AG, which witnessed its passenger vehicle deliveries grow by 12 per cent to 92.4 lakh units.

The Japanese automobile giant's global sales, including those of its subsidiaries Daihatsu and Hino, increased by 7.2 per cent to 1.12 crore units last year, as compared to 2023, claimed the auto company. Toyota's production output grew by 8.6 per cent to 11.5 million units in 2023, compared to the previous year. Speaking about the sales performance of the Japanese auto giant, Bloomberg Intelligence senior auto analyst Tatsuo Yoshida said that Toyota has gone from struggling with supply chains to selling whatever it makes.

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How Toyota held its pole position

Bloomberg reports improved situation in the automotive supply chain and steady demand in some major markets such as North America and Europe in 2023 have helped Toyota boost production and rake in profits. Interestingly, this sales performance came at a time when the global automobile industry is thriving towards zero-emission electric mobility and despite being the world's top-selling automaker, Toyota is falling behind in the global shift toward battery-powered electric vehicles

Despite being a laggard in the pure EV segment, high and steady demand for hybrid vehicles in the majority of the markets around the world has helped Toyota to post such a sales performance. While Toyota's scepticism towards EVs is well known, its emphasis on hybrid and other greener and cleaner powertrain technology has been proven.

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BYD rules global electric car market

While 2023 witnessed Toyota's dominance for the fourth consecutive year in the global passenger vehicle segment, in the electric car market, China's BYD generated the most buzz last year. The carmaker that sells only electric vehicles and plug-in hybrids, surpassed Elon Musk's Tesla as the top electric car manufacturer in the world. BYD claims to have sold about 30.2 lakh electric and hybrid cars around the world in 2023. On the other hand, Tesla delivered 18.1 lakh electric vehicles last year.

In comparison, the world's top-selling carmaker Toyota sold 104,018 units of battery-powered electric vehicles. Initially, the Japanese carmaker aimed to sell 202,000 units during the fiscal year that ends in March 2024, but lowered that goal to 123,000 in November last year, citing supply chain and demand issues. Toyota's CEO Koji Sato has promised that the automaker will be able to sell 15 lakh units of battery-powered electric vehicles annually by 2026, and 35 lakh units by 2030.