Toyota's Global Vehicle Production Sets Record in November

Toyota Motor Corp. announced that its global manufacturing achieved a record in November, thanks in part to solid customer demand, but it warned of an uncertain outlook due to a chronic semiconductor shortage and an increase in Covid cases in China.

By Reetika Bhatt | on December 27, 2022 Follow us on Autox Google News

Toyota Motor Corp. reported that its global output for November reached a record, in part owing to strong customer demand, but it also warned about an uncertain future as a result of ongoing semiconductor scarcity and an increase in Covid cases in China.

Toyota, the world's leading manufacturer, produced 833,104 units last month, a 1.5 percent boost over the previous year. The firm said in a statement on Monday that global sales increased by 2.9 percent to 796,484 units. 

Vehicle output reflects steady demand in regions such as North America, as well as a turnaround from a year ago when Covid outbreaks in Southeast Asia interrupted supply chains. The automotive industry is still plagued by chip and other auto parts' shortages, and it will confront further hurdles as a result of the rapid expansion of Covid cases across China.

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Toyota reduced its worldwide production goal for the fiscal year through March at the beginning of November while maintaining a conservative profit forecast due to chip shortages. According to the firm's statement, Toyota's domestic output for November decreased by 3.3 percent from a year earlier to 266,174 units while its global output increased by 3.8 percent to 566,930 units.

The number of vehicles produced and sold, including those built by subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., was 982,552 units. Toyota shares were up less than 1 percent as of midday in Tokyo, bringing the year's drop to over 13 percent.

Tags: Toyota Covid China

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