Toyota Motor Corp’s global sales experienced a significant boost in May due to the alleviation of the parts supply shortage. The world’s largest automaker managed to sell a total of 838,478 vehicles worldwide, which includes its luxury car brand, Lexus.
Compared to May 2022, when sales were heavily impacted by the stuttering parts supply caused by the pandemic, this marked an impressive increase of 10.1%.
Toyota’s sales in China, the largest auto market globally, witnessed a notable rise of 13.1%, totaling 205,986 vehicles. In the United States, sales also saw a considerable improvement, increasing by 11.2% to reach 177,722 vehicles.
Looking ahead, Toyota has set ambitious targets for global sales, aiming to reach 10.4 million vehicles in 2023, surpassing the 9.5 million vehicles sold in 2022.
Kenta Kon, the Chief Financial Officer of Toyota, expressed optimism about the recovery of the global auto market. He noted the gradual restoration of parts supply, which has contributed to the increase in production.
Despite the positive outlook, Kon cautioned that the global auto market still faces challenges, including the ongoing war in Ukraine and the rise in inflation. Toyota remains vigilant and prepared to take necessary measures to mitigate the impact of these factors.
Despite the existing headwinds, Toyota remains confident in achieving its sales target for 2023. Kon emphasized the company’s strong product lineup and expressed confidence in continued growth in the coming years.
