The Japanese company regained its place as the world’s best-selling automaker, with its latest results showing an advantage over Volkswagen Group (VLKAF).
Toyota (TM) sold 9.5 million vehicles around the world in 2020, according to figures released on Thursday, which include its Daihatsu and Hino lines. That compared to the 9.3 million units delivered last year by Volkswagen, which has brands like Audi, Skoda and Porsche.
While the recovery is good news for Toyota, it does not mean that the company is out of danger. Last year, the coronavirus pandemic wiped out sales and disrupted supply chains across the automotive industry.
Toyota deliveries fell 11.3% in 2020 compared to the previous year, while Volkswagen fell by 15.2%.
Automakers now face a critical semiconductor shortage that threatens to hamper production.
According to analysts at UBS, Volkswagen may lose production of 100,000 units in the first three months of the year, or about 4% of global quarterly production, as a result of component shortages.
The biggest automakers are still making money, however.
Volkswagen said last week that profits for 2020 exceeded $ 12 billion, pointing to 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 big jump in purchases of electric and hybrid cars.
Toyota has yet to release its annual financial results for 2020.
– Hanna Ziady contributed to this report.