Japanese automaker Toyota Motor said on Thursday that its global sales and production hit record highs in the year ended March 31. These results are supported by the strong demand and lack of semiconductor supply constraints that the company has had to endure in recent years, Reuters reports.
However, Toyota plans to delay the start of production of its electric vehicles (EVs) in the US and reduce domestic production to ensure product safety and quality after a series of scandals at the group’s companies, the Mid Japan Economist newspaper reported.
Toyota returns to its record car production – plans 10.5 million cars a year
The company produced 9.2 million vehicles in the first 11 months of 2023.
For the financial year ended in March, Toyota reported that global sales of its parent company alone (Toyota and Lexus brands) rose 7.3 percent to 10.31 million units year-on-year, breaking the 10 million mark for the first time. while its output reached 9.97 million vehicles, up 9.2% year-on-year.
The growth in sales volume was driven by increased demand abroad, particularly in Europe and the US. Outside Japan, Toyota sold 8.78 million vehicles, up 7% from the 2022-23 fiscal year. In Japan, sales also increased by 8.7% to 1.53 million units.
However, the world’s largest carmaker saw sales and production decline in March amid fierce competition in China, the world’s biggest auto market.
Toyota produced a record 9.23 million cars, but lagged in electric cars
And in 2024, the company’s biggest asset in this area will be leadership in hybrids
Toyota’s global sales in March fell 2.1 percent from a year earlier to 897,251 units, and its production fell 10.3 percent to 807,026 units.
Its global sales of the company’s EV battery vehicles in the year ended March more than tripled to 116,654 units.
Toyota plans to delay the start of electric car production in the US until spring 2026 from the original plan of 2025, according to the material of the newspaper cited above. The publication added that the automaker plans to deliberately set a “pause” period in its business to ensure quality and safety, Reuters writes.
