Toyota's May sales soared by 10% YoY, with EV sales rising by a remarkable 31%.

Toyota Sales Jumped 10% YoY in May, EV Sales up 31%. Japanese automobile manufacturer Toyota (TM) witnessed a noteworthy 10% surge year-on-year (YoY) in its worldwide sales, riding on the wave of revived logistical networks for semiconductors and miscellaneous components.

Key TakeAway

• Toyota's worldwide production and sales experienced a remarkable 10% year-over-year (YoY) upturn in May, propelled by the rekindling of supply networks for semiconductors and assorted components.
• This marked the fourth uninterrupted month of ascending global sales.
• The company also observed a surge in electric vehicle sales, coupled with an uptick in Lexus sales, its opulent automotive marque.

The corporation stated that it vended 838,478 automobiles on a global scale the previous month, marking the fourth continuous month of burgeoning sales, as manufacturing received a notable boost and the semiconductor supply chains, which were previously affected by the pandemic, showed signs of relief.

In Japan, Toyota distributed 161,712 vehicles, experiencing an impressive 35% surge YoY. Beyond Japan, the automaker sold 721,524 vehicles, attaining a 6.9% increase. Within the United States, Toyota successfully marketed 187,204 vehicles, exhibiting a 6.4% upturn compared to the previous year.

Analyzing the various brands, the sales figures for the company's extravagant automobile marque, Lexus, skyrocketed by an astonishing 39.7% YoY, with 70,313 vehicles sold in May. Hino, Toyota's truck manufacturing division, observed a sales volume of 10,563 units, encountering a 15% decline. Daihatsu, responsible for Toyota's passenger vehicles, achieved a sales figure of 57,674 units, reflecting a substantial 28% growth compared to the previous year.

The sales of electrified automobiles soared by an impressive 31.6% when compared to the previous year, reaching a total of 285,630 units on a global scale. Within North America, Toyota successfully marketed 63,328 electric vehicles, manifesting a notable 14.2% upsurge YoY.

Projections indicate that global sales of electric vehicles are anticipated to surge by 35% YoY in 2023. Remarkably, the International Energy Agency estimates that nearly 14 million electric vehicles will be sold this year, in contrast to the 10 million units sold in 2022.