A report released on Thursday disclosed that Toyota has reclaimed its leading position as the world’s largest automobile manufacturer. According to the report, Toyota sold about 9.5 million vehicles in 2020 which gave it an edge over Volkswagen’s 9.3 million.
Volkswagen overtook Toyota as the world’s No.1 automaker in 2006 when it produced over 10.3 million vehicles across the globe. Since tgen, Toyota has been fighting to reclaim its number one spot from the German auto company.
In a report by the UBS Analysts, the coronavirus had its effect on the auto industry wiping out many companies’ sales figures. This made Toyota’s supplies to drop by 11.3 percent in 2020 compared to the previous year, while Volkswagen suffered a 15.2% decrease in production.
While still awaiting Toyota’s full financial report for 2020, the UBS Analysts pointed out that Volkswagen through its recovery plan earned a profit of about $12 billion in 2020.