Toyota Reports Strong Sales Recovery in 2023, Led by Hybrid and Electric Vehicles
Toyota Motor Corp. has reported a strong sales recovery in 2023, with a significant increase in global vehicle sales. The company sold a total of 11.2 million vehicles worldwide, marking its first annual sales increase in two years. Notably, Toyota and its luxury brand Lexus sold a combined 10.3 million vehicles, with Lexus achieving a record-breaking year.
Toyota's sales growth was driven by its hybrid and electric vehicle offerings. The company sold nearly 3.7 million electric vehicles, hybrids, and fuel cell vehicles in 2023, a 35% year-over-year increase. This growth is particularly significant as Toyota is banking on these vehicles to help meet increasingly strict emissions standards amid weak demand for electric vehicles.
Lexus, Toyota's luxury brand, also experienced remarkable growth. The brand sold a record 824,258 vehicles in 2023, a staggering 132% year-over-year rise. Notably, regions outside of North America and Japan, particularly South Africa and other non-European markets, showed strong sales growth for Lexus flagship models, outperforming Europe.
Toyota Motor Corp.'s 2023 sales figures reflect a robust recovery, with a 7.2% year-over-year increase in global vehicle sales. The company's focus on hybrid and electric vehicles has proven successful, with a 35% year-over-year increase in these models. Meanwhile, Lexus, Toyota's luxury brand, achieved record sales, with a 132% year-over-year increase. The company's strategy to prioritize these vehicles and expand into regions outside of its traditional strongholds has clearly paid off.
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