Dive Brief:
- Toyota Motor Corp. sold 11.2 million vehicles worldwide in 2023, a 7.2% year-over-year increase, according to company sales information released Tuesday.
- Lexus, the automaker’s luxury brand, sold a record 824,258 vehicles last year, a 132% YoY rise in sales. The growth was due to strong demand in North America and Japan, as well as more reliable supply chains.
- The figures mark the first YoY annual sales increase for Toyota Motor Corp. in two years. The automaker has experienced YoY sales gains in each of the last 11 months.
Dive Insight:
Toyota Motor Corp. is one of several automakers to report record sales in 2023 as supply chain troubles eased, vehicle inventories recovered and dealers capitalized on pent-up demand for new cars, trucks and SUVs.
The Toyota and Lexus brands, which are part of Toyota Motor Corp., sold a combined 10.3 million vehicles in 2023, a 7.7% YoY increase. The automaker's Daihatsu and Hino brands accounted for its remaining sales.
Toyota's sales accelerated in Q4 2023
In addition, Toyota Motor Corp. sold nearly 3.7 million electric vehicles, hybrids and fuel cell vehicles in 2023, with sales rising 35% YoY. But almost all those vehicles (3.6 million) were conventional, plug-in or mild hybrids.
The automaker is banking on hybrids to help it meet increasingly strict emissions standards amid weak EV demand. Greater hybrid sales could also help the company electrify its model lineup while it ramps up its revamped EV strategy.
