Toyota global vehicle sales at record high in 2023

Toyota Motor Corp. said Thursday that its parent-only global vehicle sales in fiscal 2023 grew 7.3 pct from the previous year to 10,309,457 units, exceeding 10 million units for the first time.

Report informs via Japanese media that sales increased for the third straight year, reflecting brisk sales of hybrid vehicles mainly in North America as well as robust sales in Europe.

In the year that ended in March, Toyota's parent-only sales in Japan rose 8.7 pct to 1,529,818 units, up for the second consecutive year, while overseas sales climbed 7.0 pct to a record 8,779,639 units, increasing for the third year in a row.

But worldwide sales failed to reach Toyota's target of 10.4 million units, due to the testing fraud scandal at subsidiary Daihatsu Motor Co. and fierce competition in the Chinese market.

Toyota's global vehicle production in fiscal 2023 scaled 9.2 pct to a record 9,971,739 units, thanks to the easing of the semiconductor shortage caused by the COVID-19 crisis. While output grew for the third straight year, it stood below the automaker's target of 10.1 million units.