Toyota Keeps Its Title as World’s Best-Selling Automaker in 2022

Toyota, the global carmaker based in Japan, announced on Monday that it sold 10.5 million vehicles in 2022, maintaining its position as the world’s best-selling automaker for the third year in a row.

Group sales, which include truck division Hino Motors and compact automaker Daihatsu, fell by 0.1% as record sales overseas of 8.6 million units helped offset a 9.6% drop in the home market to 1.9 million.

Volkswagen Group, the world’s second-largest automaker, reported 8.3 million car sales earlier this month, the lowest in over a decade, as Covid-19 lockdowns in China and the Ukraine war disrupted supply chains.

Despite experiencing supply constraints due to a lack of some chips, the Japanese automaker reported a 5% growth in global output in 2022 thanks to robust demand in Asia, as well as increased production capacity and optimized operations in both Asia and North America.

In November, Toyota lowered its expectation for the current financial year, which ends in March, from 9.7 million vehicles to 9.2 million.