For 2022, Toyota has once again achieved the title of the world’s top-selling automaker. This is the third straight year for the distinction. To claim this title, Toyota sold 10.5 million vehicles in 2022. The global sales results include Toyota’s truck unit Hino Motors, and Daihatsu, which makes small cars. Toyota managed record overseas sales with 8.6 million vehicles sold. This also helped offset a 9.6% reduction in Toyota’s home market of Japan.

Toyota Takes Advantage of Strong Demand

Volkswagen Group came in second to Toyota in overall sales, but it reported the lowest sales numbers ever in over a decade. Lockdowns from COVID-19 and supply chain woes contributed heavily to the huge sales reduction. Volkswagen’s total sales number of 8.3 million vehicles is quite a bit less than Toyota’s final numbers. Although Toyota experienced some problems with the supply chain as well, the automaker took advantage of the strong demand in Asia to sell more vehicles.

Along with demand, Toyota also increased its production capacity and organization in both Asia and North America. This rearrangement helped boost Toyota’s total global production by 5% in 2022. However, Toyota expects some slack in production for the current financial year through March. It recently revised its forecast from 9.7 million vehicles down to 9.2 million.

Is the New Inventory Shortage Over?

Despite Toyota’s lowered production forecast, it’s starting to look better for the new vehicle market overall. New inventory levels in the United States rose in December 2022 and hit 1.8 million for the first time since nearly two years ago in May 2021. Toyota is also still saying that it expects to produce as many as 10.6 million vehicles in 2023 to prepare suppliers for the demand.

The fiscal year began in April 2022 and ends in March 2023. As mentioned above, Toyota has lowered its expectations to 9.2 million vehicles for this period, which comes to an end in two months. Like other automakers, Toyota is still feeling the fallout from chip shortages and high material costs, but the company remains optimistic.

New At Your Toyota Dealer For 2023

For 2023, Toyota has collected strong anticipation for the GR Supra and the GR Corolla. Another anticipated model is the bZ4X, which is Toyota’s debut in the electric SUV category. This new EV stands out with both single-motor and dual-motor versions, which gives buyers a choice between FWD and AWD.

In other model news, the Avalon model is over, but a new large sedan called the Crown will take its place. The Crown offers two AWD hybrid powertrains and is expected to start at around $40,000.

Check out your local Toyota dealer for the latest on new models and when they’ll arrive in stores.