Toyota has emerged with its 2023 financial year results which sees the Japanese giant attain record numbers in production and sales, according to Japan Times citing Bloomberg reports.
Global sales at Toyota, including from Daihatsu and Hino, increased 5% from the previous year to 11.1 million units, according to Japan Times citing data released on Thursday, noting that this is the first time the group’s global sales exceeded to 10 million-unit mark.
Toyota’s performance in the 2023 financial year was attributed to strong demand, as well as easing of semiconductor supply issues. Production increased 4.5% to 11.2 million units, due to strong demand in North America, Europe and India, while output in Japan was also ‘firm’ despite a temporary halt of shipments due to the Daihatsu crash testing scandal.
Sales in China gained 1.4%, though Japanese carmakers are struggling against the growing popularity of Chinese brand BYD. In terms of battery-electric vehicles, Toyota sold 116,654 BEVs between April 2023 and March 2024, and sales at Toyota and Lexus brands were up 7.3% and 9.2% respectively.
The post Toyota achieves record production, sales in 2023; group sales exceeds 10 million units for the first time appeared first on Paul Tan's Automotive News.
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