Toyota Motors (NYSE:TM) is a Japanese multinational that designs, manufactures, assembles, and sells passenger vehicles, minivans and commercial vehicles, and related parts and accessories all over the world. In late January, the company learned that it had retained its crown as the top automobile seller on the planet. What does the future hold in 2024? Let’s jump in.
Late on January 29, 2024, Toyota Motors sold a record 11.2 million vehicles in 2023. That allowed the company to take the spot as the top automobile seller in the world. Toyota delivered a 7.2% jump in global group sales in 2023. That included the truck unit Hino Motors and the small car manufacturer Daihatsu. Ultimately, it was powered by record international sales of 8.9 million units.
Volkswagen came in second with global auto sales of 9.2 million. That was up 12% compared to the prior year. It signaled a strong bounce back for the German auto giant and marked a milestone in the post-pandemic period. Importantly, supply chain bottlenecks have softened significantly.
Toyota’s parent-only vehicles, which its namesake and Lexus brands, achieved 10.3 million automobile sales for the full year in 2023. Consumers have become increasingly green-conscious in the 21st century. Electric vehicle alternatives are more affordable and available than ever in the first half of the 2020s. In 2023, Toyota’s gasoline-electric hybrids accounted for nearly a third of its total vehicle sales for 2023. However, battery electric vehicles made up less than 1%.