Toyota Sets New Records for Global Output, Sales

By
Fatima Attarwala
Fatima Attarwala
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Fatima Attarwala is a business news writer and editor with a decade of experience researching, analyzing, and commenting on issues influencing the economy.
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Published October 30, 2023
The logo of Toyota Motor displayed at a car showroom in Tokyo.

YUICHI YAMAZAKI/AFP via Getty Images

Toyota Motor's (TM) global sales grew 8.3% year-on-year in the first half of their fiscal year to nearly 5.6 million vehicles, a new record for the largest auto company globally.

KEY TAKEAWAYS

  • Toyota reached a record 5.6 million sales in the first half of FY24.
  • Including subsidiaries, global production rose 10% to a high of 5.7 million vehicles.
  • Demand for EVs and weakness in China's economy led to a mere 1% rise in sales in the Asian giant, which also impacted other automakers.

In the April to September period, sales and production rose year-on-year as semiconductor shortages eased, the company said. Global production, including numbers from subsidiaries Daihatsu Motor Co. and Hino Motors Ltd, increased by 10% to 5.7 million units.

Better supply conditions and strong consumer demand have put the country on track for another year of robust gains. The rise in global production marks the third consecutive year-over-year increase. It's the first increase in sales in two years.

Toyota and its Lexus brand sales increased by 22% in Africa, the highest growth of any region. The Middle East followed with 17% growth, followed by North America at 9.4% and Europe at 7%. However, economic slowdowns in Thailand and Indonesia contributed to relatively weak sales in some parts of Asia.

Toyota shares dropped a little less than 1% in trading on Monday.

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  1. Toyota. "Sales, Production, and Export Results for the First Half (April-September) of FY2024."

  2. Bloomberg. "Toyota Global Sales, Output Hit Record 5.6 Million Vehicles."

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