Friday, January 28, 2022, 11:59 p.m.
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2577 readings
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Japanese company Toyota announced on Friday that its vehicle sales increased by 10.1% in 2021, becoming the world’s largest carmaker for the second year in a row, and widening the gap with its nearest rival, the German group Volkswagen AG, Kyodo and Reuters report.
Toyota and its subsidiaries Daihatsu Motors and Hino Motors sold 10.5 million vehicles in 2021, up from 8.9 million units delivered by Volkswagen last year. The German group saw a 5% decline in sales in 2021, the worst sales performance in 10 years.
Car companies around the world have been forced to cut production due to the global shortage of semiconductors, which has increased competition for key components among consumer electronics manufacturers.
However, Toyota overcame problems better than its rivals because Japan and other parts of Asia were less affected than Europe. The Japanese company also had strong sales in the largest car markets in the world, China and the United States.
Toyota has warned that in the fiscal year ending December 31, 2022, it may not be able to meet its production target of nine million vehicles due to the effects of the pandemic on supply chains.
