Toyota Motor Corporation has recorded a 10% increase in revenue, cementing its position as the world’s largest automaker for the third year in a row. The achievement has pushed it ahead of its nearest rivals, Mercedes-Benz, BMW, and Tesla.
The pandemic-induced chip shortage disrupted the supply chain, leading carmakers to scale back their product. This resulted in increased competition for crucial components among manufacturers.
Toyota’s brand value reached $59.757 billion, jumping ahead of Mercedes which stood at $56.103 billion. This was followed by Tesla, with a brand value of $48 billion, then BMW and Honda, with a brand value of $46.331 billion and $22.837 respectively. The remaining carmakers stood in the following order:
Toyota’s Troubles
This is an unprecedented development as Toyota has witnessed several production cuts on an international scale due to COVID-19 outbreaks, natural calamities, and other operational hiccups.
Furthermore, Toyota has received heaps of criticism from automotive analysts, journalists, and environmental activists for its late adoption of EVs. The criticism also caused the company’s stock value to plummet in June 2022.
Also, the company is having to rework its electric vehicle (EV) development strategy as its production is reportedly too slow and expensive in comparison to other manufacturers.
According to Reuters, Toyota has formed an internal group to devise strategies for improving its current e-TNGA flexible EV platform or developing a new EV architecture. The e-TNGA platform is already used in the bZ4X crossover SUV and will also underpin the upcoming Lexus RZ 450e in 2023.
Despite these issues, however, Toyota’s status as the biggest fish among automakers seems untouchable.
