Toyota kept its crown as the world’s top-selling carmaker in 2022, widening its lead over Volkswagen even as supply-chain disruptions continued to weigh on global automobile production.
Group sales, which include those of its subsidiaries Daihatsu and Hino, were mostly flat at 10.5 million units for the year, the Japanese company said Monday. Volkswagen sales fell 7% last year to 8.3 million units, marking the lowest level of deliveries in 11 years.
While that marks Toyota’s third straight year of gains over its German rival, the key issue facing Toyota and other carmakers is the specter of weakening global demand. Concerns over fading appetite for new vehicles have intensified, hitting Tesla’s shares. Goodyear Tire & Rubber is cutting jobs in response to the weaker economic environment and rising inflation.