Toyota becomes Largest Automaker of the World

LAHORE: Toyota has reportedly surpassed Volkswagen to become the largest automaker of the world once again, according to reports.

According to reports of Pakistani news platform, Startup Pakistan, Toyota Motor Company recently revealed that its car sales had increased by approximately 10.1 percent in 2020.

The sales growth has cemented the company’s position as the top automaker in the world for the second consecutive year, while allowing it to surpass its competitor German motor vehicle manufacturer, Volkswagen, in terms of market share, which is defined as a firm’s percentage of an industry’s total sales. The market share is calculated as the firm’s sales over the industry’s sales during a specified period, according to the My Accounting Course website.

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According to Startup Pakistan, Toyota sold up to 10.5 million automobiles last year, including its associated vehicles by Hino and Daihatsu Motors, respectively. Meanwhile, Volkswagen managed to sell a meager 8.9 million vehicles during the same sales period. Marking a five percent decrease in total sales during 2020 and recorded as the company’s lowest sale rate in a decade.

It is pertinent to note that the Covid-19 pandemic forced a shortage in supply chains that pushed carmakers to reduce production thereby, boosting competition for critical components among manufacturers. In addition, Toyota Motor Company is set to announce its third-quarter profits in February, however, it does not foresee the potential to meet its target of selling approximately nine million vehicles in the fiscal year that ends on the 31st of March.

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