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Business & Finance

Despite a supplier mishap, Toyota’s October global output records high levels

By : cd on 30 Nov 2023, 11:03     |     Source: reuters.com

Toyota V8

Toyota Motor announced on Wednesday that, despite the effects of an accident at a supplier facility, its October global vehicle production reached a record for that month.

The largest carmaker in the world, based on sales, reported that it produced 900,285 cars globally, a 16.7% increase over the same time last year.
In the first ten months of the year, Toyota sold over 8.46 million cars, including its high-end Lexus brand.

A valve spring manufacturer named Chuo Spring (5992.T) experienced an accident last month that caused Toyota to halt operations at several of its group factories in Japan for over a week.

Nevertheless, domestic production, which accounted for just over a third of the vehicles it produced during that month, rose 39.2% year-on-year to 282,695. The automaker credited the increase to the easing of the chip shortage.

The production disruption is expected to weigh heavily on Japan’s October industrial output data to be announced Thursday, a Reuters poll showed.

Toyota’s sales in Japan grew 17.8% while those in North America rose 7.4% and Europe’s jumped 15.2%.

In China, the world’s biggest auto market, Toyota reported a 2.6% decline in production, citing intensifying competition, but 1.5% growth in year-on-year sales.