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Toyota hits record November output but shortages loom

The world’s number one automaker produced 833,104 vehicles last month, an increase of 1.5% from a year earlier

Toyota had a record month in November for output.

Mon Dec 26 2022 - 14:17

Toyota Motor Corp said its global output hit a record for November, thanks in part to solid consumer demand, though it warned of an uncertain outlook due to a persistent shortage of semiconductors and spikes in Covid cases in China.

The world’s number one automaker produced 833,104 vehicles last month, an increase of 1.5 per cent from a year earlier. Global sales rose 2.9 per cent to 796,484 units, the company said in a statement on Monday.

The output for vehicles reflects solid demand in areas such as North America, and a rebound from a year earlier when Covid infections in southeast Asia disrupted supply chains. The auto industry is still dogged by shortages of chips and other car parts, while it will also face challenges stemming from the rapid spread of Covid cases across China.

In early November, Toyota cut its global production target for the fiscal year through March while sticking with a conservative profit outlook because of chip shortages.

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Toyota’s domestic output for November declined 3.3% from a year earlier to 266,174 units, while overseas output was up 3.8 per cent to 566,930 units, according to the statement.

Including vehicles assembled by subsidiaries Daihatsu and Hino Motors, output and sales totalled 982,552 units and 884,112 units, respectively.

Toyota shares edged up 0.3 per cent in Tokyo, paring the decline this year 13 per cent.

Separately, Nissan said global output declined 23 per cent from a year earlier to 248,961 units in November, while sales slid 26 per cent. Honda’s global production fell 12% to 325,996 units last month, the first year-on-year decline in six months. – Bloomberg

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