Toyota Takes the Crown. I'm David Brancaccio in New York. The auto industry had a generally strong 2023 and this certainly includes Toyota, which today reported it is held on to its title as the world's best-selling car company. The company's chairman, Akyo Toyota, also offered an apology.

Marketplace's Nova Safo is here with details.

Start with the good news, an estimated 86 million new vehicles sold last year globally, David.

11 million of them by Toyota. That's a new record for the company.

There's a back and forth between Toyota

and Volkswagen of course on who can claim the global top selling spot but Toyota has

held it now for four consecutive years. Its sales were up 7% last year That's if you account for all of its brands Toyota Lexis Diatsu which is sold in Asia and

Heino Motors which makes large trucks David. All right and the apology from the company's chairman, Mr. Toyota, that's about allegations

of cheating, I think, right?

That's right.

It has to do with problems that have come to light with diesel engine tests

that allegedly were falsified and a safety scandal to say the least at

Daihatsu. So a Kiya Toyota which did apologize at the end of prepared remarks today.

We have a clip of that and the translation is provided by the company.

I would like to express my deepest apologies

to our customers and stakeholders for the

inconvenience and concern caused by the successive irregularities.

Successive irregularities or you can call them a series of scandals.

And a Kiowa Toyota today said they're focusing on transparency and I'll quote

him making things in a right way.

Mm, all right, thank you.

Now, there is a moment tomorrow at 2 o'clock eastern, 1 central noon mountain 11 Pacific

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