Toyota Motor Corporation has maintained its crown as the world’s top automaker for the fifth consecutive year, selling the most vehicles globally in 2023. The company demonstrated its resilience by continuing steady sales in key markets such as North America and Europe.
Toyota Taking The Top Spot Globally with 10.82 Million Vehicles Sold
According to data released by Toyota Motor Group last month, the company sold 10,821,480 vehicles worldwide last year. This tally, which includes sales from subsidiaries like Daihatsu Motors and Hino Motors, represents the highest volume in the global automotive market.
Despite a 3.7% decrease from 2022’s 11.23 million units, Toyota maintained a substantial lead of over 1 million units ahead of the Volkswagen Group, which reported sales of 9.03 million units.
Breaking down regional performance, Toyota saw a 4.3% year-over-year increase in North America, selling 2.73 million units. European sales grew by 3.6% to 1.17 million units, bolstered by strong demand for SUV models like the RAV4 and C-HR.
Despite the global slowdown in demand for electric vehicles, sales of hybrid vehicles (HEVs) were robust. Toyota sold 4.14 million HEVs last year, a 21.1% increase year over year.
While EV sales also saw a 34.5% uptick, the total volume reached only 139,892 units.
Hyundai’s Ascent from 10th to the Big 3 Since 2000
Meanwhile, Hyundai Motor Group has secured its position among the global top 3 automakers for three consecutive years.
Hyundai Motor Group reported total sales of 7.231 million units in 2023, representing a modest 1.0% year-over-year decline. However, this decrease was less severe than Toyota’s 3.7% and Volkswagen’s 2.3%, allowing Hyundai to narrow the gap with both rivals.
The sales gap between Toyota and Hyundai Motor Group was 3.929 million units in 2023, but it narrowed to 3.589 million units last year. Similarly, Hyundai closed in on Volkswagen, reducing the gap from 1.936 million to 1.799 million units.
Hyundai Motor Group has risen steadily since 2000, ranking 10th in global sales. The automaker first cracked the top five in 2010, held steady at fifth place for several years, then climbed to fourth in 2020 before securing third place in 2022.
By maintaining in the Big 3 for three years in a row, Hyundai Motor Group has cemented its place. Conversely, Toyota held onto its lead, but its rivals are getting closer due to dwindling sales. The direction of the fiercely competitive global auto industry is being closely watched.
