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Toyota Motor (NYSE:TM) remained the top-selling automaker in 2023 for the fourth year in a row, even as the Japanese company faces a hit to its reputation over testing irregularities at three of its group firms, for which the chairman apologized to stakeholders.
The company registered a record of 11.2M units sold last year, up 7.2% Y/Y. The tally includes Toyota, Lexus, Daihatsu and Hino Motors (OTCPK:HINOY) vehicles.
This marked the ninth year out of the past 10 years in which Toyota's (TM) total sales topped 10M units. The only exception was 2020, on account of the COVID-19 pandemic.
However, fears of a sales slowdown loom as the automaker's reputation took a hit from recently-disclosed faulty testing procedures. "I would like to express my deepest apologies to our customers and stakeholders for the inconvenience and concern caused by the successive irregularities at Hino (OTCPK:HINOY), Daihatsu, and Toyota Industries (OTCPK:TYIDY)," Toyota (TM) Chairman Akio Toyoda said at an event in which he detailed the company's vision for its 17 group firms.
Just a day earlier, Toyota (TM) suspended shipments of 10 models after its supplier Toyota Industries (OTCPK:TYIDY) reported certification issues in some diesel engines.
In December, Daihatsu suspended shipments as its models were not tested properly for collision safety. In 2022, a probe found that Hino (OTCPK:HINOY) falsified engine emissions data as far back as 2003.
Last week, Toyota (TM) also issued an immediate "Do Not Drive" advisory for around 50K vehicles in the U.S. involved in the Takata airbag recalls. The faulty airbags fitted in different branded cars have been responsible for over 30 deaths worldwide and hundreds of injuries since 2009.