Toyota Beats Volkswagen to Become World’s Largest Automaker Again
Toyota Motor Company announced today that its vehicle sales increased by 10.1 percent last year to cement its position as the world’s largest automaker for the second year in a row.
The Japanese automaker sold 10.5 million vehicles last year, including those produced by its affiliates Hino and Daihatsu Motors. On the other hand, Volkswagen delivered 8.9 million vehicles in the same period, which was five percent lower than its output in 2020, marking its lowest sales results in ten years.
The pandemic-induced shortage of semiconductors disrupted supply chains leading carmakers to decrease their outputs, which, in turn, resulted in increased competition for the crucial components among manufacturers of consumer electronic products.
Regardless, Toyota has managed to outperform many other automakers as its home market and other parts of Asia are less afflicted than European companies.
It will release its third-quarter earnings on 9 February and has stated that it does not expect to fulfill its production target of nine million vehicles in the fiscal year that ends on 31 March because of COVID-19 related interruptions.