Toyota maintains its position as the world’s leading car manufacturer for the third year in a row
Toyota Motor Corp. maintained its position as the world’s best-selling automaker in 2022, extending its lead over Volkswagen AG even as supply chain disruptions continue to affect global car production. bridge.
Group sales, including those of subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., were mostly flat at 10.5 million units for the year, the Japanese company said Monday. Volkswagen’s sales fell 7% last year to 8.3 million units, marking the lowest level of deliveries in 11 years.
While that marks the third year in a row Toyota has rallied against its German rival, the main problem facing Toyota and other automakers is the specter of weakening global demand. Concerns about reduced demand for new vehicles are growing, affecting Tesla Inc.’s stock. Goodyear Tire & Rubber Co. are cutting jobs in response to a weaker economic environment and rising inflation.
However, Toyota still said it could not produce enough vehicles to shorten delivery times. Customers are reporting months or even years of waiting for certain models. For the fiscal year that begins in April, Toyota has set a production target of up to 10.6 million vehicles, with a warning that final shipments could be 10% lower if enough parts cannot be purchased. especially semiconductors.
S&P Global Mobility predicts that Toyota will continue to expand its lead over Volkswagen in 2023, with sales of 10.4 million light vehicles compared with the German automaker’s 7.99 million. Volkswagen’s sales are expected to recover from 2024, while Toyota is on track to hit 11 million annual light vehicle sales by the end of the decade, according to the researcher, according to the researcher.
“For both companies, the impact of production restrictions should gradually ease,” said Yoshiaki Kawano, an analyst at S&P Global Mobility. Overall, moderate recovery and growth is seen in the medium to long term.”
Koji Sato, 53, Toyota’s newly appointed chief executive officer, will be closely watched as he seeks to accomplish that goal. A trained engineer, the new leader of the world’s No. 1 automaker previously ran the Lexus luxury car division and was the brand director of the entire company.
As a Toyota survivor who joined the company more than 30 years ago, Sato will oversee the automaker through possibly the most challenging period in the company’s 86-year history when two electrified forces and automation sweeps across the industry.
The Japanese automaker has made it clear that it believes in the need to spread its bets across different technologies — from batteries, hybrids, hydrogen and internal combustion engines — to serve customers and successfully transitioning to a post-petroleum future.
First published date: January 30, 2023, 11:08 am IST
