Toyota Achieves Record High Global Sales of 9.6 Million Units

April 2022~March 2023
Global Sales Reach 9.6 Million Units
Strong Impact from Southeast Asia Economic Recovery
Production Slightly Below Previous Forecast

Toyota Motor's global sales reached a record high of 9.61 million units in the fiscal year 2022 (April 2022 to March 2023). This increase is attributed to the economic recovery in Southeast Asian countries, which had been hit by COVID-19, driving large-scale demand.

The Nihon Keizai Shimbun reported on the 27th that Toyota's global vehicle sales for the previous year increased by 1% compared to the previous year, reaching 9.61 million units. Toyota surpassed its previous highest sales record of 9.08 million units in 2016, maintaining a sales growth trend for the second consecutive year.

By country, sales in the Philippines and Thailand increased by 36% and 10%, respectively, compared to the previous year. Sales in Indonesia rose by 8%. In these three countries, Toyota's compact car model Yaris gained significant popularity.

Akio Toyoda, Chairman of Toyota Motor Corporation.

In the Southeast Asian market, vehicle demand surged last year as governments in each country implemented large-scale economic stimulus policies. In contrast, sales in North America and China, which have larger market sizes than Southeast Asia, fell below the previous year's levels.

Annual vehicle production also reached a record high of 9.13 million units, a 7% increase compared to the fiscal year 2021. This slightly exceeded Toyota's forecast of 9.10 million units. Initially, Toyota had predicted global production of 9.7 million units for the fiscal year 2022, but revised the forecast downward twice due to the worsening global semiconductor supply shortage.

The Nihon Keizai Shimbun explained that the increase was largely due to enhanced production capacity in Asia and North America. Toyota has 12 complete vehicle parts factories in the United States and Canada, and last year significantly boosted production capacity, especially at its North American plants.

However, it remains uncertain whether this trend will continue. Toyota stated that it is difficult to predict future market developments due to the prolonged vehicle semiconductor supply shortage and COVID-19. In particular, domestic production aimed for 3 million units to maintain regular employment but only reached 2.78 million units.

The Nihon Keizai Shimbun noted, "The total number of vehicles produced by Toyota from January to March this year was 2.34 million units, accounting for 22-25% of the 2023 target forecast of 9.5 to 10.6 million units," adding, "Given recent cases of downward revisions to production plans, it is important to watch whether stable production will continue."

This content was produced with the assistance of AI translation services.