Toyota is the second largest car manufacturer on the Global 500 (after Volkswagen) and the largest Japanese company by revenue; it raked in $279.3 billion last year, up 9% from 2020. The easing of COVID restrictions globally boosted automobile sales, as consumers who had put off purchases during lockdowns finally took the plunge; those forces helped outweigh the effects of a shortage of semiconductors. Toyota's sales of industrial equipment—forklifts in particular—also boomed 25% to $12.9 billion. Most reassuring for Toyota may be its overall profitability; its profits rose 20% in 2021, signaling that the company was staying ahead of drastic increases in raw material costs.
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