Toyota Motor Co. of Japan announced on Friday that its vehicle sales increased by 10.1 per cent last year, making it the world’s largest automaker for the second year in a row and placing it further ahead of its nearest rival, Volkswagen AG of Germany.
In 2021, the automaker recorded 10.5 million vehicles sales, including those produced by affiliates Daihatsu Motors and Hino Motors.
That compares with 8.9 million delivered by Volkswagen in the same period, 5% fewer than in 2020 and its lowest sales figures in 10 years.
A shortage of semiconductors during the coronavirus pandemic disrupted supply chains, increasing competition for the key component among makers of consumer electronic devices, forcing carmakers to reduce output.
However, the Japanese company has fared better than most other automakers in the wake of the pandemic since its home market, Japan, and parts of Asia, have been less affected than Europe.
Because of disruptions brought by to COVID-19, Toyota, which reports third-quarter earnings on February 9, has stated that it is likely to fall short of a production target of 9 million vehicles in the fiscal year that ends on March 31.
Source”Reuters Copyright 2022 Thomson Reuters.
