Toyota loses sales crown to Volkswagen

Long range plan: The Nikkei business daily said Toyota would set up a team in early 2017 dedicated to developing electric cars that can travel more than 300km on a single charge. — Reuters

FRANKFURT: Toyota Motor Corp lost its crown as the world’s best-selling automaker to Volkswagen AG (VW), ending the Japanese company’s four-year reign, as they face challenges that range from the threat of trade barriers in the US to slowing demand in China after a tax increase.

Worldwide sales for Toyota, including its Hino Motors Ltd and Daihatsu Motor Co units, rose 0.2% to 10.175 million vehicles in 2016, the Japanese automaker said. That fell short of VW’s record 10.3 million cars, trucks and buses, a 3.8% gain.