World’s leading carmaker Toyota Monday said the company’s global output for November increased by 1.5 percent from a year earlier to 833,104 vehicles, hitting a record high for that month.
The announcement had an immediate positive result as the Toyota shares edged up around 1 percent as of midday in Tokyo, paring the decline this year to about 13 percent.
Marking a fourth straight month of increases, Toyota said the supply-chain crunch for automobile parts caused by COVID-19 had eased.
However, domestic output of new vehicles shrunk by 3.3 percent to 266,174 units because persistent semiconductor shortages dampened the production of new units. Production in China too fell 11.1 percent due to parts shortages.
But overall overseas production rose 3.8 percent to 566,930, also a record figure for November, with North American production increasing by 5.9 percent.
On the other hand, Toyota’s global sales grew 2.9 percent to 796,484 vehicles, marking the fourth consecutive month where its year-on-year increases were higher than the same month the previous year.
That’s why overseas sales increased by 4.4 percent to 686,499 vehicles, with North American sales jumping by 11%.
But just like production, sales in China fell 18.4 percent, with the country’s stringent “zero-COVID” policy constraining car dealerships’ businesses.
Similarly, domestic sales, including mini vehicles, decreased 5.5 percent to 109,985 units.
Earlier in November, Toyota had stated that it planned to cut global output from 9.7 million units to 9.2 million units for fiscal 2022 ending in March, citing semiconductor shortages.
The shortages had led it to suspend operations of 11 assembly lines in Japan across eight factories in November. It has also declared adjusting domestic production in December and January.
Global sales and production in November exceeded last year’s levels due to solid demand, particularly in North America, and a recovery in parts supplies that had been impacted by COVID-19 slowdowns, Toyota said.