Toyota still top-selling automaker worldwide

TOKYO: Japan’s Toyota Motor Corp. was the world’s top-selling automaker in 2022, retaining its lead over German rival Volkswagen for the third 12 months, firm knowledge confirmed Monday.

Regardless of the chip scarcity and Covid-related provide chain disruption, Toyota and its subsidiaries bought practically 10.5 million autos final 12 months, across the identical as in 2021.

As compared, the Volkswagen Group — which held the highest spot till 2020 when it was overtaken by Toyota — bought 8.3 million models final 12 months, an annual drop of seven p.c.

“Regardless of the influence of manufacturing constraints brought on by the unfold of Covid-19, elevated demand for semiconductors and different elements, international gross sales have been on the identical stage 12 months on 12 months because of strong demand centered round Asia,” the Japanese automotive big stated.

In 2022, Toyota bought 2.7 million electrified autos (EVs), round 5 p.c greater than the earlier 12 months. The overwhelming majority of these — 2.6 million — have been hybrid fashions.

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Toyota pioneered hybrid vehicles however some critics say the corporate has been sluggish to make the shift to battery-powered engines at the same time as demand soars for low-emission cars.

A 12 months in the past, Toyota hiked its targets for the sector and introduced it might roll out 30 battery-powered electrical fashions by the tip of the last decade.

Mio Kato, an analyst at Lightstream Analysis who publishes on Smartkarma, advised Agence France-Presse (AFP) that Toyota was prone to hold its top-selling crown within the close to time period.

“By way of the precise volumes, it’ll nonetheless be tough for Volkswagen or Normal Motors [Co.] to surpass Toyota simply as a result of each are beneath extra strain in China with their inside combustion engine enterprise,” he stated.

Electrical-only carmakers like China’s BYD Co. Ltd. will at some point pose “a real risk” to Toyota, he stated, as a result of they’ve robust battery expertise and “extra expertise and higher branding” with EVs.

However electric-only automakers are nonetheless too small to have a sensible probability of competing with legacy carmakers for a number of years not less than, Kato stated.

Final week, Toyota named Koji Sato its new president and chief government officer, changing third-generation chief government Akio Toyoda in a shock reshuffle of the corporate’s management.