World’s top-selling carmaker revealed

Japan’s Toyota Motor Corporation was the world’s best-selling automaker for the third consecutive year in 2022 despite supply-chain constraints, which plagued the industry due to the Covid-19 pandemic lockdowns.

According to the company, it sold roughly 10.5 million vehicles throughout the year. The sales included those of its subsidiaries Daihatsu and Hino Motors. While overall sales dipped 0.1% against 2021 due to a 9.6% drop in domestic sales, overseas deliveries jumped to record highs at 8.6 million vehicles.

Toyota has now held the title of best-selling automaker for three years in a row.

Germany’s Volkswagen, which ranks second, said earlier this month that overall sales plunged 7% last year to 8.3 million cars, the lowest level of deliveries in over a decade.

Toyota said that despite lingering constraints regarding semiconductor inventories, its overall global output rose 5% last year on strong Asian demand and optimization measures at its plants. Its production target for the next fiscal year, which starts in April, is 10.6 million vehicles, which exceeds its pre-pandemic output.

Analysts from S&P Global Mobility predict Toyota’s 2023 sales to surpass last year’s, while Volkswagen is likely to recover from its 2022 slump but will still be unable to outpace its Japanese rival.

“For both companies, the impact of production constraints will gradually ease. Overall, moderate recovery and growth are seen over the medium to long term,” Yoshiaki Kawano from S&P Global Mobility told Bloomberg.

For more stories on economy & finance visit RT's business section