Toyota maintained its position as the world’s leading car manufacturer,
ahead of rival Volkswagen, despite supply-chain disruptions across the industry and amidst forecasts of further weak demand in 2023.
Toyota sold 10.5 million vehicles in 2022, and Volkswagen 8.3 million vehicles, with both companies hit by supply chain disruptions that have affected global automobile production following the pandemic and war in Ukraine.
However, electric vehicle makers continue to buck the trend, with Hyundai-Kia forecasting growth this year on its accelerating EV sales, Tesla predicting sales up 30%, and Chinese PHEV and EV maker BYD planning to double its sales in 2023.
Republished with permission from TIPP Insights
