Car production in China is expanding, so last year this Asian giant became the world’s largest car exporter, taking over the crown from Japan, which held that position for years. But, in order to protect the pride of the Japanese automobile industry, Toyota was the world’s largest car manufacturer last year (11.2 million vehicles), for the fourth year in a row.

A better situation with the supply of semiconductors and increased demand resulted in higher sales of Toyota vehicles by 7.2 percent compared to 2022. As many as 1.1 million Toyota cars were sold in Europe, which is a remarkable growth of 9.1% compared to 2022. Toyota’s last sales record was achieved in 2019, when they sold 10.7 million vehicles.

When it comes to individual types of vehicles, Toyota sold 3.4 million hybrid vehicles in 2023, which is 31.4 percent more on an annual basis. Also, 104,018 fully electric vehicles were sold, which is not a great result if you consider that it is only about 1 percent of the total sales of their cars. Toyota has announced that it plans to increase sales of this type of vehicle to 1.5 million units per year by 2026.

Source: Bloomberg