On Tuesday, Toyota Motor sold a record 11.2 million vehicles in 2023. Toyota Motor was crowned the best-selling automaker in the world for the fourth year.
Last year، the Japanese automaker reported a 7.2 % rise in global group sales. Truck unit Hino Motors and small car maker Daihatsu are included in group sales. They helped record overseas sales of 8.9 million vehicles.
At the start of January, second-ranked German rival Volkswagen Group reported a 12% rise in deliveries. These deliveries rose by 9.2 million sales last year. This significant sale marked a post-pandemic recovery as supply chain stoppages eased.
Record-Breaking Sales
Toyota’s vehicle sales hit a record of 10.3 million in 2023. Toyota’s vehicles. It includes its namesake and Lexus brands. Gasoline-electric hybrids comprise about a third of the total sales of Toyota Vehicles.
Those two subsidiaries and affiliate Toyota Industries (6201.T) have opened. These new tabs are set by governance. The issues involving certification test procedures for cars and engines. They could hurt the brand’s global reputation for quality and safety.
Addressing Irregularities and Ensuring Integrity
At an event, the Chairman of Toyota, Akio Toyoda, told the reporters. He announces a vision for the Toyota group. He said, “I would like to express my deepest apologies to our customers and stakeholders. Because of the problems and worry caused by the successive irregularities. It includes Hino Motors, Daihatsu, and Toyota Industries.”
Employees could focus on one of the five perspectives: “Be honest and make things right.”
The company said, “This affair was initially planned For Feb. 14. The birthday of its late founder, Sakichi Toyoda. He was presented due to the recent irregularities in Toyota’s group companies.
BYD’s Surge in Net Profit
BYD is the leading electric vehicle company in the world. They provide proven inventive technology for cars, buses, trucks, forklifts, and rail systems. BYD expects net profit in 2023. The company’s profits have risen by 86.5% compared to the previous year. This growth leads to strong sales and cost-cutting measures.
BYD predicted net profit for last year between 29 billion and 31 billion yuan ($4.04-4.32 billion). It has an increase of 74.46-86.49% from a year earlier. It said in a Shenzhen Stock Exchange filing. That growth will come in much slower than in 2022. The BYD posted a 446% net profit surge to 16.6 billion yuan.
The company said, “They have attained notable gain in profitability. Besides extreme competition in the industry, they also revealed strong strength.”
The Shenzhen-based company reported rapid growth through overseas sales. They were able to leverage effective supply chain cost controls to achieve this.
BYD Overtakes Tesla in Sales
In comparison, Tesla, BYD’s biggest EV rival, reported a 19.4% growth in net profit in 2023. The net profit rises to $15 billion.
BYD became the top EV maker by sales. They were offering 526,409 vehicles, winning Tesla. They handed over 484,507 cars in the last quarter of 2023.
For 2023, the company sold about 3.02 million vehicles. The net sales of this company show an increase of 61.9%.
In January, BYD revealed three battery EV models in Indonesia. It sees the top market position in Southeast Asia. It is the most important part of the economy. Besides automotive, BYD’s business also includes sales of electronic smartphone components.
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