Toyota Motors global sales, including subsidiaries Daihatsu Motor and Hino Motors, have hit an all-time record of close to a million cars. The record was driven by enhanced supply conditions and heightened demand.
The automaker and its subsidiaries increased sales by 9% year on year in August, hitting 923,180 vehicles. Toyota’s sales climbed by 15% in the United States, and domestic sales increased by 46%. However, sales in China fell by about 7%.
Despite a 2% drop in international output, Toyota’s overall production increased 4%, propelled by a 22% increase in home producton over the previous year. The increase demonstrates the company’s comeback from last year’s semiconductor and supply chain issues.
Due to its collaboration with Suzuki Motors, production in India increased by 221%, reaching little more than 32,000 automobiles. Toyota built a third facility in India, increasing production capacity to approximately 200,000 units.
In August, the Japanese automaker sold 11,880 battery-powered electric vehicles, for a total of 65,467 units successfully sold this year, compared to 24,000 units sold in 2022. Despite the increase, it is still far short of the lofty target set by Chief Executive Officer Koji Sato, who hoped for 1.5 million EV sales per year by 2026.