Toyota Motor Posts 9% Sales Growth In June On Recovery In Semiconductor Shortages

Toyota Motor Corp (NYSE:TM) disclosed improved sales and production in June and H1 2023.

The company disclosed that global production reached a record high on increased production capacity in every region on strong demand.

The company reported a sales growth of 9.0% for the month of June, to 968,801 vehicles, including Toyota, Daihatsu, and Hino. Toyota worldwide sales rose 10% to 898,947 vehicles.

Also Read: Toyota Announces EV Battery Breakthrough It Says Could Halve Cost, Size

Worldwide sales, including those for subsidiaries, improved 5.5% Y/Y to 5.419 million vehicles in H1 2023.

Worldwide production for Toyota increased 12.1% Y/Y to 4.89 million vehicles in H1, with a growth of 14.8% Y/Y in June.

The company benefited from a recovery in semiconductor shortages and a rebound from the effects of the spread of COVID-19.

Also Read: Toyota Divests $1.8B Stake In KDDI To Focus On EVs

Price Action: TM shares are trading higher by 1.02% at $167.12 premarket on the last check Friday.