Toyota Achieves Record Global Output In November Fueled by Strong Consumer Demand
Japanese automaker Toyota Motor Corp (NYSE:TM) has registered an impressive surge in its global production for November. The driving force behind this surge is the strong demand both within Japan and overseas.
What Happened: Toyota’s worldwide production surged by 11% in November, reaching a new record. This growth marks a recovery from the previous year’s supply chain disruptions, Reuters reported.
The global output reached 926,573 vehicles, a significant increase from the previous year when the global automotive industry grappled with semiconductor shortages. This production figure encompasses vehicles from Toyota’s luxury brand, Lexus.
Domestic sales in November shot up by 27%. Sales in the U.S. and China saw a 17% increase, while Europe noted a 15% rise.
The substantial increase in demand and sales sets Toyota on the path to achieving record global sales of over 10 million Toyota and Lexus-branded vehicles in 2023. Approximately one-third of the vehicles sold this year have been gasoline-electric hybrids.
Why It Matters: Toyota’s record production comes amidst a series of challenges. On Monday, Toyota’s subsidiary, Daihatsu, halted production in Japan following a safety investigation that uncovered test manipulations in 64 models, some of which were marketed under the Toyota brand. The halt, expected to last until the end of the following month, led to Daihatsu offering compensation to its domestic suppliers.
In addition, Toyota was also forced to recall about a million vehicles in the U.S. due to airbag deployment issues. The recall was instigated by a sensor manufacturing error that could prevent front passenger seat airbags from deploying in certain crashes, thereby increasing the risk of injury.
Despite these setbacks, Toyota’s impressive global output highlights its resilience and strong market demand for its vehicles.
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