The Japanese company regained its place as the world’s best-selling car manufacturer, with its latest results giving it a head start Volkswagen Group (VLKAF).
Toyota (TM) sold 9.5 million vehicles worldwide in 2020, according to figures released Thursday that include the Daihatsu and Hino range. This is compared to the 9.3 million units that Volkswagen delivered last year, which includes brands including Audi, Skoda and Porsche.
While the rebound is good news for Toyota, it does not mean that the company is out of the woods. In the past year, the coronavirus pandemic has wiped out sales and disrupted supply chains in the automotive industry.
Toyota’s deliveries fell by 11.3% in 2020 compared to the previous year, while Volkswagen’s fell by 15.2%.
Now automakers are facing a critical shortage of semiconductors that could hamper production.
According to analysts at UBS, Volkswagen could lose 100,000 units in the first three months of the year, or about 4% of global quarterly production due to a shortage of components.
However, the largest car manufacturers still make money.
Volkswagen said last week that profits for 2020 were higher than $ 12 billion, indicating a recovery in the second half of the year.
The company also pointed to a slight increase in its share of the global passenger market, as well as a large increase in the purchases of electric cars and hybrids.
Toyota has not yet announced its annual financial results for 2020.
Hanna Ziady contributed to this report.