Toyota Motor Company has recently revealed that car sales increased by 10.1 percent last year, cementing its position as the world’s top automaker for the second year in a row.
It has now surpassed its nearest competitor, Volkswagen AG of Germany, in terms of market share.
Last year, Toyota sold 10.5 million automobiles, including those made by its affiliates Hino and Daihatsu Motors. However, Volkswagen delivered 8.9 million vehicles in the same time, a 5% decrease from 2020 and the company’s lowest sales results in ten years.
The pandemic-induced shortage of semiconductors affected supply chains, causing carmakers to reduce production, which boosted competition for the critical components among consumer electronics manufacturers.
Toyota will report third-quarter profits on February 9 and has stated that, due to COVID-19-related interruptions, it does not anticipate to meet its production target of nine million vehicles in the fiscal year that ends on March 31.
