Toyota Defends Title As Best-Selling Automaker In 2022

As the world's top-selling automaker for a third consecutive year, Toyota Motor deserves praise. After all, it did deliver a whopping 10.5 million vehicles in 2022.

Toyota stated there’s a strong demand in Asia due to an increase in production capacity, and production optimization in Asia including North America which helped it boost global production by 5% in 2022. This comes despite chip-related supply constraints that stymied its efforts momentarily.

The Japanese carmaker also reduced its original production forecast for the current fiscal year through the end of March from 9.7 million to 9.2 million vehicles back  in November. Meanwhile, in terms of group sales, which include those of its subsidiaries Daihatsu Motor Co and Hino Motors Ltd, were down marginally by 0.1%.

Toyota also shared that it isn’t able to make enough cars to shorten delivery times. Customers are reporting waits of months or even years for certain models. For the fiscal year beginning in April, Toyota has set an output target of as many as 10.6 million vehicles, with the caveat that final shipments could be 10% lower if it is unable to procure enough parts, especially semiconductors.

Despite still holding the sales throne globally, General Motors dethroned Toyota in the US. Toyota Motor North America (TMNA), which includes Lexus, delivered 2,108,458 vehicles in 2022 compared to GM's 2,274,088 vehicle deliveries for the year.

In Europe,Toyota continues to struggle with severe part shortages, which compelled the company to halt production at its Czech factory in February. From Jan 31 through the end of Feb, there will be a break in production at the Kolin, Poland, plant where the Aygo X and Yaris are assembled.

Due to supply limitations, global production plans are being modified on a monthly basis. If everything goes as planned, Toyota will produce 10.6 million vehicles in 2023, or roughly the same number today.