(January 30, 2024) TOKYO — Toyota has reported all-time highs in sales and production in 2023 as the Japanese auto juggernaut put the microchip shortage behind it and ramped up factories to meet booming demand in the U.S. and Europe, especially for electrified vehicles. In announcing calendar year results today, Toyota said global sales climbed 7.2 percent to 11.23 million vehicles. The results include sales from the company's consolidated Daihatsu minicar subsidiary and truck making Hino Motors affiliate. This according to Automotive News.

"Strong demand in North America and Europe helped," a Toyota spokesperson said during a briefing about the annual figures. "We see that demand among customers shifted to hybrid and plug-in hybrid vehicles. This is one of the reasons behind the 2023 results."

Deliveries of electrified vehicles helped underpin the global swing. Sales of hybrids, plug-in hybrids, battery-electrics and hydrogen fuel cell models rose 35 percent to a record 3.7 million. Electrified product accounted for about 36 percent of combined Toyota and Lexus sales.

Global sales for the Toyota and Lexus brands alone also reached an all-time high, advancing 7.7 percent to 10.31 million vehicles.

And the Lexus brand jumped to a new calendar-year record. Worldwide sales at the premium brand advanced 32 percent to 824,258 vehicles in 2023, the company said.

The U.S. remained Toyota's biggest global market, with 2.25 million in total sales. China was runner-up, with 1.91 million, and the home market of Japan was third, with 1.67 million.

Source: Automotive News