Toyota Motor achieved a historic milestone by selling 11.2 million vehicles in 2023, securing global auto sales crown for the fourth consecutive year. The key driver behind this success was the record-breaking overseas sales, which amounted to an impressive 8.9 million vehicles. Toyota’s parent-only vehicles, encompassing its eponymous brand and the luxury line Lexus, achieved a sales figure of 10.3 million vehicles in 2023. An interesting aspect of this achievement is the notable presence of gasoline-electric hybrids, constituting approximately one-third of the total sales. Meanwhile, battery electric vehicles (BEVs) made up less than 1% of the sales.
As a leading global automaker, Toyota’s extensive use of polyurethane(PU) materials has also contributed to its success. PU materials are widely used in various auto components, such as yellowing-resistant HDI curing agents for car paint, flexible PU foam for seat cushioning, rigid and semi-rigid PU foam for components such as doors, headliners, dashboards, sun visors, and fenders. Toyota procures large quantities of PU materials each year to meet its car manufacturing needs. Additionally, reactive hot melt adhesive is frequently used for bonding and sealing interior parts, headlights, speakers, filter housings, and windshields, becoming an indispensable auxiliary material in car manufacturing.
Toyota sold a record 11.2 million vehicles in 2023, becoming the global sales champion for the fourth consecutive year, according to the company’s public report. This indicates that Toyota’s competitiveness in the global market remains strong. The Japanese automotive giant reported a substantial 7.2% surge in global group sales for the previous year.
Volkswagen Group, Toyota’s competitor, also had a remarkable performance in 2023. Despite the impact of Covid-19 pandemic, the German automotive powerhouse saw a 12% increase in deliveries for the same period, reaching 9.2 million vehicles, indicating a recovery after supply chain bottlenecks were eased.
Looking to the future, Toyota has ambitious plans. They plan to sell 202,000 BEVs in the 2024 fiscal year, but they have had to revise this target down to 123,000 due to some demand and supply issues. However, Akio Toyoda, Toyota’s president, stated that Toyota aims to sell 1.5 million BEVs annually by 2026, and this number will increase to 3.5 million by 2030. This indicates that Toyota is actively promoting the development of BEVs and is committed to achieving greater success in the future. In doing so, they will also focus more on the use of sustainable materials, such as PU, whose outstanding performance and environmental friendliness are making more and more automakers willing to use such materials.
