Toyota reaches new world car sales record for 2023, secures first place for 4th year in row

2024-01-31 07:01:20

(MENAFN) In a triumphant announcement on Tuesday, Toyota Motors disclosed that it has achieved a remarkable milestone in car sales, surpassing 11.2 million cars in total sales for the year 2023. This accomplishment solidifies Toyota's position at the pinnacle of the global automotive industry, marking the fourth consecutive year that the Japanese automaker has claimed the title of the world's best-selling car company.

The comprehensive success report from Toyota revealed a substantial 7.2 percent increase in global sales over the past year. This figure encompasses not only Toyota's own brand but also includes sales from Hino Motors' truck unit and Daihatsu's small products. The impressive performance is further underscored by record overseas sales, totaling 8.9 million vehicles.

A noteworthy aspect highlighted in Toyota's report is the significant role played by hybrid cars, combining gasoline and electricity, which constituted about one-third of the company's total sales. In contrast, the percentage of battery-powered electric cars remained relatively modest, accounting for less than one percent of the overall sales figures. Toyota's original sales, encompassing vehicles under its own name and the luxury brand Lexus, reached an unprecedented 10.3 million vehicles in 2023.

Meanwhile, Toyota's German competitor, Volkswagen, also reported a commendable 12 percent surge in deliveries over the same period, totaling 9.2 million cars. This increase is perceived as a positive sign of recovery for Volkswagen post the challenges posed by the COVID-19 pandemic and improved supply chain conditions.

In tandem with its sales success, Toyota's market value ascended to record levels, reaching approximately USD329 billion. This surge is indicative of a recovery trend in the Tokyo Stock Exchange, underlining foreign investors' preference for substantial stocks in the Japanese market. Toyota's stellar performance in both sales and market value reinforces its standing as a global automotive leader.

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