Published - January 30, 2023 @ 4:41 PM (EET)
Defending its title as the world's top-selling carmaker and widening its lead over Volkswagen AG, Toyota Motor Corp. (NYSE:TM), on Monday, said it had sold 10.5 million vehicles in 2022, despite supply chain disruptions continuing to weigh on global automobile production.
Global sales for the group, including truck unit Hino Motors and small-car maker Daihatsu, inched down 0.1% as overseas record sales of 8.6 million vehicles helped offset a 9.6% dip in its home market to 1.9 million.
Earlier this month, Volkswagen reported its sales fell 7% last year to 8.3 million units, having reached the lowest level of deliveries in 11 years.
While Toyota has surpassed its German rival for the third straight year, a weakening global economy remains a major concern for the company and other automakers. Worries over fading appetite for new vehicles have intensified, hitting Tesla Inc.'s shares, while Goodyear Tire & Rubber Co. is cutting jobs in response to the weaker economic environment and rising inflation.
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Meanwhile, Toyota still says it isn't able to make enough cars to shorten delivery times, with customers reporting waits of months or even years for certain models.
For the fiscal year beginning in April, Toyota has set an output target of as many as 10.6 million vehicles, warning that final shipments could be 10% lower if it is unable to procure enough parts, especially semiconductors.
Elsewhere, S&P Global Mobility predicts that Toyota will continue to widen its lead over Volkswagen in 2023, with 10.4 million light vehicle sales versus 7.99 million for the German carmaker.
Volkswagen sales are projected to recover from 2024, while Toyota is on track to top 11 million in annual light vehicle sales by the end of the decade, according to the researcher.
Analyst Yoshiaki Kawano at S&P Global Mobility said that "Overall, moderate recovery and growth are seen over the medium to long term."
