Toyota has now surpassed its nearest competitor, Volkswagon Ag of Germany, in terms of market share. As Toyota revealed that the car sales have been increased by 10.1 per cent last year. Scoring the position as the world’s top automaker for the second year in a row.
Furthermore, Last year Toyota sold 10.5 million automobiles, including the ones made by its affiliates Hino and Daihatsu Motors. Whereas Volkswagen delivered 8.9 million vehicles at the same time. Showing a 5% decrease from 2020 and the company’s lowest sales results in ten years.
Moreover, The pandemic lowered the shortage of semiconductors which affected the supply chains, causing carmakers to decrease production, which raised competition for the crucial elements among consumer electronics manufacturers.
Toyota will notify third-quarter profits on February 9 and has declared that, due to COVID-19-related hurdles, it does not anticipate meeting its production target of nine million vehicles in the fiscal year that ends on March 31.
