Toyota Chairman Akio Toyoda is seen in an image bowing in apology during a press conference over the group companies’ quality scandals. (Getty Images)
Every quarter, the stock market eagerly awaits news about sales growth, particularly from Tesla and other automotive startups. However, in terms of deliveries, one company continues to dominate due to its impressive output. This company is Toyota, which recently announced that it remains the world’s top-selling automaker for the fourth consecutive year after achieving record sales of 11.2 million vehicles in 2023.
Global group sales for Toyota, including Daihatsu and Hino Motors, saw a significant increase of 7.2% last year. This figure is inclusive of sales from the Toyota and Lexus brands, which reached a record of 10.3 million vehicles in 2023. Notably, about one-third of these sales were gasoline-electric hybrids, while battery electric vehicles accounted for less than 1%.
To put this achievement into perspective, Toyota’s annual output far surpassed that of runner-up Volkswagen Group, which reported a 12% rise in deliveries in 2023. Although the COVID-19 pandemic initially dealt a blow to the auto sector, the industry enjoyed a recovery in 2023 as supply chain bottlenecks eased, resulting in a post-pandemic resurgence.
In light of allegations, Toyota’s chairman issued an apology for the scandals that have impacted three of the group companies. These issues involve governance problems related to certification test procedures for cars and engines. This is critical as such matters could potentially damage the brand’s global reputation for quality and safety.
The group’s positive momentum was disrupted further when Daihatsu suspended shipments of all its cars following a safety scandal investigation that revealed issues involving 64 models, nearly two dozen of which were sold under Toyota’s brand.
Looking ahead, Toyota is committed to addressing these challenges and upholding its values, one of which is “Be honest and make things in a right way”. Despite these recent missteps, the company remains focused on its long-term vision and objectives.
In summary, Toyota has consistently excelled and achieved top sales globally for nine of the past 10 years, demonstrating its resilience and unwavering dedication to excellence in the face of adversity.
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