Toyota’s global sales of cars for parents exceeded 10 million units for the first time in fiscal 2023, the company said Thursday, up 7.3% from the previous year to 10,309,457 units.
Sales increased for the third year in a row, driven by strong hybrid vehicle sales, primarily in North America, and robust sales in Europe.
In the fiscal year ended March, Toyota‘s single parent sales in Japan rose 8.7% to 1,529,818 units, up for the second year in a row, while sales abroad rose 7.0% to a record number of 8,779,639 units, which marked an increase for the third year in a row. .
But global sales fell short of Toyota’s target of 10.4 million units due to the test-cheating scandal at subsidiary Daihatsu and fierce competition in the Chinese market.
Toyota’s global vehicle production rose 9.2% to a record 9,971,739 units in fiscal 2023 as semiconductor shortages eased due to the COVID-19 crisis.
Although production grew for the third year in a row, it remained below the automaker’s target of 10.1 million units.
