Toyota sits on top of the world's car market for the fourth year running, but an array of safety scandals could threaten its brand [Yahoo! Finance]
TOYOTA INDUS CRP UNSP/ADR (TYIDY)
NASDAQ:AMEX Investor Relations:
toyota-industries.com/investors
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Source: Yahoo! Finance
Yet that celebration is tempered by an array of safety issues that threaten Toyota's reputation for quality. On Tuesday, Toyota reported that it and its subsidiaries Daihatsu Motor and Hino Motor sold 11.2 million cars in 2023, a 7.2% increase from the year before. Toyota's closest competitor, the Volkswagen Group, delivered 9.24 million vehicles last year, a 12% jump. The company attributed its performance to strong demand in North America and Europe, as well as the easing of a semiconductor shortage that dates back to the COVID pandemic. Toyota sales in North America were up 7% year-on-year and up 9.1% year-on-year in Europe. Toyota's hybrid sales were also strong in 2023, despite early arguments that the carmaker was ignoring the shift to battery electric vehicles. The company sold around 3.4 million hybrid vehicles last year, up 31.4% from 2022. Toyota chairman Akio Toyoda is a skeptic of battery electric vehicles, instead supporting hybrids: Last week, Toyoda suggested that
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