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Toyota’s global car sales will top 10 million in fiscal 2023

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.

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