(CTN NEWS) – In 2022, Toyota maintained its position as the top-selling automaker in the world while increasing its lead over Volkswagen, despite supply-chain issues continuing to hurt global auto manufacturing.
The Japanese business reported Monday that group sales, which include those of its subsidiaries Daihatsu and Hino, were largely steady at 10.5 million units for the year.
Volkswagen‘s sales last year decreased by 7% to 8.3 million cars, the fewest deliveries in 11 years.
Even if Toyota has outperformed its German rival for three years, the threat of declining global demand still looms large over Toyota and other automakers.
Tesla’s stock has been affected as worries about declining interest in new cars have grown. In reaction to the worsening economic environment and rising inflation, Goodyear Tire & Rubber is reducing employment.
Toyota, meanwhile, continues to claim that it cannot produce enough cars to reduce delivery delays. For some models, customers are experiencing months or even years of waiting.
Toyota has set an output goal of up to 10.6 million vehicles for the fiscal year starting in April, with the caveat that actual shipments maybe 10% less if it cannot obtain enough parts, particularly semiconductors.
According to S&P Global Mobility, Toyota will continue to outsell Volkswagen in 2023, selling 10.4 million light vehicles compared to the German automaker’s 7.99 million.
According to the analyst, Volkswagen sales are expected to increase around 2024, whilst Toyota is on track to sell more than 11 million light vehicles annually by the decade’s end.
According to Yoshiaki Kawano, an analyst at S&P Global Mobility, “the impact of production limits will progressively alleviate for both companies.”
Over the medium to long term, moderate recovery and development are anticipated.
Toyota’s newly hired chief executive officer Koji Sato, 53, will be closely watched as he works to meet that goal.
The next CEO of the world’s largest automaker, an engineer by training, previously oversaw the Lexus luxury car division and served as the organization’s chief branding officer.
As the twin forces of electrification and automation wash through the industry, Sato, a Toyota lifer who joined the firm more than 30 years ago, will lead the manufacturer through what may be the most difficult time in its 86-year history.
The Japanese automaker has made it plain that to better serve customers and transition to a world without gasoline; it must diversify its investments across a range of technologies, including batteries, hybrids, hydrogen, and legacy internal combustion engines.
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