By Kosaku Narioka
Toyota Motor set a new record high for group sales globally as it recovered from a pandemic-driven slump and a global chip shortage, cementing its position as the world's biggest carmaker.
The Japanese automaker said Tuesday that global sales, including those of subsidiaries Daihatsu Motor and Hino Motors, rose 7.2% to 11.2 million vehicles last year, surpassing the previous high of 10.7 million units in 2019.
Japan, North America and Europe led the growth in sales despite a decline in China.
Volkswagen, the world's second-biggest automaker, said earlier this month that it sold about 9.2 million vehicles worldwide last year, 12% more than in 2022.
Toyota said worldwide production climbed 8.6% to a record 11.5 million vehicles last year.
In December, sales increased 10% from a year earlier to 1.0 million vehicles and production rose 7.7% to 906,570 units, thanks to solid demand and an easing semiconductor shortage, the company said.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
01-29-24 2312ET