GAC Toyota’s annual production, sales volumes both surpass 1 million units in 2022

Shanghai (Gasgoo)- In 2022, GAC Toyota, the joint venture between GAC Group and Toyota Motor, for the first time saw its annual output and sales both exceed 1 million units.

According to data released by GAC Group on Monday, GAC Toyota produced 1,009,265 vehicles through 2022, representing a 22.6% year-on-year jump. In the same year, the joint venture saw its full-year auto sales rise 21.4% from a year earlier to 1,005,000 units. Notably, its annual sales of electrified vehicles leapt 55.8% over a year ago to 303,175 units last year.

bZ4X; photo credit: GAC Toyota

In 2022, GAC Toyota recorded a total industrial production value of 150.017 billion yuan ($21.793 billion).

Aside from 2022, the joint venture also logged an evident sales growth in the previous two years. It sold 765,008 and 828,000 vehicles in 2020 and 2021, reflecting a year-on-year growth of 12.2% and 8.2%, respectively, according to the wholesale data given by GAC Group.

GAC Toyota has currently formed such electrification technical routes as HEV (hybrid electric vehicle), PHEV (plug-in hybrid electric vehicle), BEV (battery-electric vehicle), and FCV (fuel cell vehicle). At the Auto Guangzhou 2022, the automaker launched its fifth-generation intelligent electric-hybrid dual-engine technology, which will be used across the HEV lineup of GAC Toyota.

GAC Toyota expects electrified vehicles to make up 60% of its annual new vehicle sales by 2025, and aims to lift the percentage to 100% by 2035.