Toyota Registers 23% Growth In October Global Vehicle Production

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  • Toyota Motor Corp TM reported a 23% increase in global vehicle production to 771,382 units in the month of October.
  • The automaker produced 924,132 vehicles, including the brands Toyota, Daihatsu, and Hino.
  • Toyota’s year-to-date vehicle production rose 7.7% to 7.49 million vehicles. Year-to-date production rose 7.6% to 8.78 million vehicles for all Toyota, Daihatsu, and Hino.
  • Worldwide sales jumped 22.8% to 832,373 units in October for Toyota and rose 24.8% to 918,756 units for all Toyota, Daihatsu, and Hino.
  • Toyota said both global sales and production exceeded the previous year's level in October due to solid demand, in addition to a rebound from the impact of parts supply shortages associated with the spread of COVID-19 in Southeast Asia in the previous year.
  • However, the automaker warned that the situation remains difficult to predict due to semiconductor shortages and COVID-19.
  • Toyota expects to produce 9.2 million vehicles this fiscal year ending March 2023, down from the previous forecast of 9.7 million.
  • Price Action: TM shares closed lower by 1.19% at $146.51 on Monday.
  • Photo Via Company
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