Toyota and BYD Take the Lead

November 2023 set an all-time high for vehicle production, and following the record month Toyota Motor is expected to remain the world's #1 automaker, according to Bloomberg. This will be the fouth contecutive year Toyota surpasses Volkswagen AG. 

Demand in both North America and Europe have remained steady and aided Toyota in reaching record production and sales last month, as the automaker's sales increased 12% YoY, reaching nearly 1-million vehicle units. While in China, Toyota's sales rose 17% with a production hike of 14%.

In the EV segment, it is estimated that BYD Company Limited will move ahead of Tesla Inc. to become the best-selling EV manufacturer. In 2022, BYD did outsell Tesla in vehicle units but Tesla held on to the #1 spot concerning battery EVs. This year though, BYD is on track to dominate the BEV title in the fourth quarter, with a large factor being the price and range of Tesla's Cybertruck which did not rise to meet inital expectations. 

Tesla also published third quarter figures that were below forecasted numbers, along with Model X and S deliveries falling and production numbers decreasing compared to the second quarter, which are being attributed to factory upgrades. While sales may make a comeback in the fourth quarter, the automaker would need to pass a new record to achieve its initial 1.8 million deliveries target. 

Originally posted on Auto Dealer Today