Friday, 03 February 2023 05:12

Toyota remains top automaker in 2022 with 10.5 million vehicles sold

TOKYO, Japan: Toyota has announced that it sold 10.5 million vehicles in 2022, maintaining its position as the world’s top-selling automaker for the third consecutive year.

Including its truck unit, Hino Motors, and small-car maker Daihatsu, Toyota’s total sales were only down 0.1 percent in 2022, with record overseas sales of 8.6 million vehicles offsetting a 9.6 percent decline in the Japanese market, to 1.9 million.

As COVID-19 restrictions in China and Russia’s invasion of Ukraine affected supply chains, earlier this month the Japanese car-maker’s second ranked rival, Volkswagen, reported its lowest sales in over a decade at 8.3 million vehicles.

Despite the ongoing chip supply shortage, Toyota said it was able to increase global production in 2022 by 5 percent, due to strong demand in Asia and a rise in production capacity and optimization of assembling in both Asia and North America.

In November, Toyota revised its production forecast for the current financial year through the end of March, from 9.7 million to 9.2 million vehicles.