Toyota beats VW as world's largest car maker in 2014

Japanese car maker Toyota continues to hold the title of world's largest car maker for the third year in a row. The Volkswagen group has more brand names/subsidiaries under its belt, but Toyota, combined with its subsidiaries Hino Motors and Daihatsu, recorded sales of 10.23 million units. The group saw a growth of around 3% with SUV sales in the USA contributing greatly to the cause.

Volkswagen reported sales of 10.14 million vehicles with a growth of 4.2%. The German car maker has recognized the potential of the SUV market and is working towards the expansion of its portfolio in the segment. Currently, it only offers the Tiguan and Touareg. While Toyota managed to ward of VW, analysts say the brand is not concerned with numbers and is looking at better profitability. In fact, Toyota itself expects 1% decline in sales this year due to a sales slump in its home market of Japan.

Volkswagen along with third placing General Motors will be adding more factories to boost production. Toyota on the other hand, has no such intention for at least another year.