Toyota sets new world record for annual car sales

Japan's Toyota said it sold a record 11.2 million vehicles in 2023, cementing its position as the world's best-selling car manufacturer for a fourth consecutive year thanks to a recovery in demand across all regions and a reduction in semiconductor shortages, according to AFP.

The figure, which represents units transferred by the firm and its subsidiaries, represents a 7.2% year-on-year jump and compares with 9.2 million for Germany's Volkswagen Group, whose unit sales rose 12%.

South Korea's Hyundai-Kia maintained its third place in 2023 with 7.3 million units sold, up 6.7%.

In terms of market value, however, Elon Musk's US electric carmaker Tesla remains number one ahead of the Japanese giant.

Toyota credited its results to "robust demand in every region, in addition to easing semiconductor shortages in every region".

"We will continue to closely monitor the parts supply situation and will make every effort to deliver as many vehicles as possible to our customers as soon as possible," the statement added.

The figures bring together sales of the Toyota, Lexus, Daihatsu and Hino brands and surpass the previous record of 10.7 million in 2019 set by Volkswagen.

Taking into account only Toyota and Lexus, global volume sales amount to 10.3 million units. /BGNES