Companies

Toyota Global Vehicle Sales Top 10 M. in FY 2023

Yomiuri Shimbun file photo
Toyota Motor Corp. head office

Jiji Press

16:34 JST, April 25, 2024

Tokyo (Jiji Press)—Toyota Motor Corp. said Thursday that its parent-only global vehicle sales in fiscal 2023 grew 7.3 pct from the previous year to 10,309,457 units, exceeding 10 million units for the first time.

Sales increased for the third straight year, reflecting brisk sales of hybrid vehicles mainly in North America as well as robust sales in Europe.

In the year that ended in March, Toyota’s parent-only sales in Japan rose 8.7 pct to 1,529,818 units, up for the second consecutive year, while overseas sales climbed 7.0 pct to a record 8,779,639 units, increasing for the third year in a row.

But worldwide sales failed to reach Toyota’s target of 10.4 million units, due to the testing fraud scandal at subsidiary Daihatsu Motor Co. and fierce competition in the Chinese market.

Toyota’s global vehicle production in fiscal 2023 scaled 9.2 pct to a record 9,971,739 units, thanks to the easing of the semiconductor shortage caused by the COVID-19 crisis. While output grew for the third straight year, it stood below the automaker’s target of 10.1 million units.