Toyota’s Record Year | A Deep Dive into Sales | Strategy | and Sustainability

In 2023, Toyota had quite the banner year, breaking records left and right! But, believe it or not, electric vehicles (EVs) played only a small part in this success story. There's been a lot of chit-chat about Toyota arriving fashionably late to the electric vehicle party, with many worrying they'd be left in the dust by their competitors. Yet, Toyota managed to not only maintain its position as the sales champ for the fourth consecutive year but also hit an all-time high in total deliveries. Out of the whopping 11,233,039 vehicles Toyota and its family of brands sold, only a tiny slice of the pie-104,018 units-were battery electric vehicles. Sure, that number represents a jaw-dropping 325.2 percent growth from the previous year, but let's keep things in perspective: that growth is from a pretty small base, making EVs just a tiny fraction (0.926 percent, to be exact) of Toyota's overall sales pie in their record year. Toyota's gearing up to electrify their lineup with the "Beyond Zero" (bZ) series, though they predict that battery EVs will still be a smaller portion of their sales pie, estimating these will make up about 30 percent of their sales even after diversifying their electric offerings. In an intriguing chat with Toyota Times magazine, Chairman Akio Toyoda shared some interesting insights. Despite the electric buzz, Toyota believes there's still a place for the good ol' combustion engine, even in our eco-conscious world. They're experimenting with hydrogen-powered versions of their popular GR Yaris and GR Corolla, alongside exploring synthetic fuels as potential lifesavers for internal combustion engines. And let's not forget, Toyota isn't abandoning hydrogen technology-they've got a brand new Nexo with a next-gen fuel cell in the pipeline for 2025. Tesla's skyrocketing success, especially with the Model Y becoming 2023's global top-seller, is undoubtedly causing some stir at Toyota HQ. However, Toyota's not throwing in the towel just yet. They've got plans to charm customers with their upcoming EVs. And with rumors swirling about the European Union possibly pushing back their ban on emissions-producing cars past 2035, Toyota might just get the breather it needs to fine-tune its electric dreams. In the meantime, Toyota's sticking to its guns, selling millions of vehicles equipped with various hybrid technologies. Some skeptics argue that Toyota's investment in hydrogen cars might not pay off, fearing it could turn into an expensive experiment. But Toyota, with its deep pockets, is all about trial and error, aiming for carbon neutrality across the entire lifecycle of its cars by 2050-from production and operation to use and recycling. Over at the Volkswagen Group, Toyota's main competitor, they managed to secure the second spot in the 2023 sales race with a 12 percent increase to 9.24 million vehicles. Interestingly, Volkswagen seems to be a bit ahead in the electric race, selling about 770,000 EVs last year, marking a 35 percent year-over-year increase and bringing electric cars to 8.3 percent of their total sales, up by 1.4 percent from the previous year. In essence, Toyota's 2023 was a year of shattering records, with a slight electric flavor. As they slowly but surely expand their electric and eco-friendly options, it's clear that Toyota is keen on keeping pace with the evolving automotive landscape, all while keeping their eyes on the sustainability prize.