Toyota Motor Corporation: net revenue 2012-2024

The Toyota Motor Corporation’s net revenue rose by some 21.4 percent year-on-year and grew to just under 45.1 trillion Japanese yen in the fiscal year ended March 2024. This figure is approximately equal to 298 billion U.S. dollars.

Recovering from the semiconductor shortage

Toyota's net revenue has fully recovered from the dip recorded in its 2020 and 2021 fiscal years, which was due to the COVID-19 pandemic. The company's revenue were at their highest across the recorded period between April 2022 and March 2023. However, Toyota Motor Corporation's operating income and operating margin had both gone down. This was partly due to fluctuating production plans due to tight semiconductor supplies and rising raw material prices. By 2023, the company had recovered from the financial impact of these crises: Its 2023 operating income was higher than even pre-pandemic levels.

 Hopes for an American recovery

Toyota's motor vehicle sales amounted to over 11.2 million units between January and December 2023, growing slightly compared with the previous year. Japan and North America are Toyota's largest regional markets. In 2020, North America was severely affected by the coronavirus outbreak in the United States, the largest market in North America. U.S. vehicle sales fell to around 14.5 million units in 2020. By 2023, the U.S. market had recovered from the crises, and Toyota also recorded an uptick in its North American sales. The Japanese brand faces stiff competition from national brands such as General Motors and Tesla.