2024-01-30T15:29:56+00:00
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/ The Japanese company Toyota Motors announced on Tuesday that it had set a record in selling its cars during the year 2023, topping the list of the best-selling cars in the world.
The company said in a statement that it sold 11.2 million vehicles last year, achieving a 7.2 percent jump in global group sales, including sales of truck unit Hino Motors and small car maker Daihatsu, supported by record overseas sales of 8.9 million vehicles.
Meanwhile, Volkswagen Group, the second-placed German competitor, reported earlier this month a 12% increase in deliveries last year to 9.2 million vehicles, marking a post-pandemic recovery as supply chain bottlenecks ease.
Sales of Toyota’s original vehicles alone, which include those of the same name and the Lexus brand, reached a record 10.3 million vehicles in 2023.
Hybrids that run on gasoline and electricity account for about a third of those cars, while battery-electric vehicles account for less than 1%.
In a related context, Toyota’s market value rose to its highest level ever during trading this week, supported by the recent recovery of the Tokyo Stock Exchange with foreign investors flocking to shares of major companies in Japan.
Toyota’s market value reached about $329 billion, as its stock rose for five consecutive sessions. This compares with its previous record market value, recorded on May 11, 1987, at 48.6 trillion yen (about $330 billion in current yen), according to NTT data.
Toyota shares have risen 14% since the beginning of 2024 through Tuesday’s session, and Mamoru Shimode, chief strategist at Rezuna Asset Management, explained that Toyota shares are the first choice for investors looking to enter the Japanese market.
Toyota expects to post a 65 percent year-on-year growth in overall profit to 4.5 trillion yen in the fiscal year ending March 31.