Toyo Grew Sales, Income in 2023

Feb. 14, 2024

Toyo Tire Corp. achieved net sales of $3.6 billion during 2023, a year-over-year increase of 11.2%, driven by growing sales in North America.

Toyo also posted operating income of $504.3 million in 2023, a 74.6% jump from 2022 levels and a record high for the company.

Toyo’s Tire Business posted net sales of $3.3 billion last year, a 10.9% increase from the previous year.

Business plan update

In a presentation accompanying the release of its 2023 financials, Toyo provided an update on its Medium-Term Business plan.

The company said it is working on establishing a “globally optimized supply system” as its plant in Serbia “becomes fully operational.”

Announced in 2019, the 150-acre plant opened near the end of 2022 and is expected to have a maximum capacity of five million tires per year.

In a May 2022 interview with MTD, Michael Graber, president and CEO of Toyo Tire U.S.A. Corp., said the factory will help supply the U.S. market “and allow us to improve efficiency worldwide.”

Toyo also will continue “to develop products catering to needs and launch them in a timely manner.”

These include the roll-out of light truck tires for electric vehicle (EV) applications. (Toyo launched its new Toyo Open Country A/T III EV, an all-terrain light truck tire for EVs, last year.)

The company also will “continue product development in line with the accelerated shift of light trucks, etc., towards EVs.”

2024 forecast

Toyo is forecasting total global sales of $3.7 billion in 2024.

The company also is forecasting it will generate $517 million in operating income for the full year.