Toyota held the title of the world’s biggest automaker for the third straight year as its 2022 global sales posted flat at about 10 ½ million.
The results came amid continued industry challenges of constrained supply chains and narrowed inventories. Toyota itself last year reduced its production forecast for the current fiscal year, which ends March 31, from 9.7 million vehicles to 9.2 million.
The Japanese manufacturer said strong consumer demand in Asia boosted overall sales.
No. 2 automaker, Volkswagen Group, reported its weakest sales in 11 years, down 7% to 8.3 million due to supply-chain woes brought on by the war in Ukraine and Covid lockdowns in China.
This year, carmakers face the more recent challenges of inflation and rising interest rates that threaten to dampen demand, just as inventories had started to loosen.
Still, Toyota aims to produce up to 10.6 million vehicles in its coming fiscal year in an effort to shorten delivery times, which for some buyers have lasted months or even years for particular models.
LEARN MORE: Toyota Lowers December Output
