Toyota ended 2023 looking like it had figured things out. The Japanese carmaker ended the year as the world’s top selling carmaker, with 11.2 million vehicles sold across all of its companies.
Unlike its struggling competitors in Japan, the U.S., and Europe, Toyota looked like it was succeeding in a changing car market, hit by macroeconomic headwinds, new competition from China, and an expensive transition to EVs. Toyota shrugged off investor complaints about its slow transition to battery electric vehicles, and instead made a successful bet on hybrids, more suited to markets like the U.S.
